DeHeng Advised Evergrande Group on Becoming the Preferred
Restructuring Investor of Sunshine Peninsula's Over 8000 Mu Land

2017-06-13

The second creditors' committee meeting of Anhui Sunshine Peninsula Cultural Development Co., Ltd. ("Sunshine Peninsula") was held on June 12. It was officially announced at the meeting that Evergrande Real Estate Group Co., Ltd. ("Evergrande Group") became the preferred restructuring investor of Sunshine Peninsula. The bankruptcy and restructuring team of DeHeng Hefei Office participated throughout this restructuring investment project and formulated the "Restructuring Plan ("Restructuring Plan") for Sunshine Peninsula Project of Anhui Sunshine Peninsula Cultural Development Co., Ltd." for Evergrande Group. Of the several real estate companies bidding for the restructuring investment project, Evergrande Group stood out with its plan and was eventually selected as the preferred restructuring investor by the creditors' meeting.

On January 26, 2011, Sunshine Peninsula was established and acquired 8110.6 mu of land for investment and development (including total  land area of 4710.8 mu zoned for construction and zoned water body and greening area of 3399.8 mu); on July 3, 2014, creditors filed for bankruptcy liquidation of Sunshine Peninsula; on February 27, 2017, the bankruptcy administrator announced bid invitation for the restructuring investor of Sunshine Peninsula; on March 16, 2017, Evergrande Group engaged DeHeng Hefei Office to provide specialty legal services; in early April 2017, DeHeng Hefei Office formulated and submitted the "Restructuring Plan" to Evergrande Group based on the information provided by the bankruptcy administrator and other materials.

DeHeng Hefei Office team, led by managing partner Hu Zheng'an, including associates Wu Tongmeizi, Li Xiaoxin, partners Zhang Lei and Yu Baoxi; associates Tong Haisheng, Liu Lanlan, Tian Duoyu, and Ni Hongjiao from the Bankruptcy and Restructuring Team; as well as partner Chen Haibo from DeHeng Changsha Office, provided legal services in the entire process.