DeHeng Advised SINO LIFE AMC Co., Ltd. to
Create "Vegetable Basket" Poverty Alleviation Project
Creditor's Rights Investment Plan in Infrastructure

2018-7-26

Recently, Lanzhou Plateau Summer Vegetable Purchasing Center's creditor's rights investment plan, the life asset established by trustee SINO LIFE AMC Co., Ltd., was approved by the Insurance Asset Management Association of China and obtained registration notice in the category of infrastructure. DeHeng provided a full range of legal services on this project.

The Lanzhou International Plateau Summer Vegetable Non-Staple Food Purchasing Center project, located in western China, is a key construction project that supports people's livelihood. The Purchasing Center is one of eight major commodity trading markets approved by the Gansu Province. The “vegetable basket” project was designed to benefit the people of Lanzhou, and the Lanzhou Plateau Summer Vegetable Purchasing Center is the largest international agricultural and sideline product distribution center in northwestern China. It is listed as the "3341" key project in Gansu Province, and as a major construction project in Lanzhou City. The Ministry of Commerce deemed the project as the pilot project of national public welfare agricultural product market construction. The scale of the creditor's rights investment plan in infrastructure set-up is expected to reach 1.4 billion yuan with a term of 3 years, and will provide financial support for the development of the "vegetable basket" poverty alleviation project. The project is expected to attract local surplus labor, lessen the pressure on social employment, increase the income of local farmers, and play a positive role in achieving the goal of targeted poverty alleviation. The project is in line with the guidelines of regulatory authorities on targeted poverty alleviation and the demands of the Proposal on Targeted Poverty Alleviation in the China Insurance Asset Management Industry by the Insurance Asset Management Association of China.

As legal counsel for the creditor's rights investment plan in infrastructure, DeHeng set up a project team led by lawyer Huang Huazhen, a partner in the Beijing Office . The project team provided professional services including project screening, project contract negotiation, preparation and revision of legal documents, and issuance of special legal opinion. Considering the trend of harsher reviews of creditor's rights investment plans by the insurance regulatory authorities, DeHeng provided a solid guarantee of the successful registration of the creditor's rights investment plan in infrastructure with high-quality and efficient services. Lawyer Huang Huazhen and other team members previously served as legal counsels to several insurance asset management companies, helping them to successfully register creditor's rights investment plans in the categories of infrastructure and real estate.