On October 25, 2022, “CITIC Securities - China Resources Land Shijiazhuang Wanxiangcheng Asset-Backed Special Program”, for which V&T Law Firm was the special legal advisor, was successfully issued. The issue size of this special plan was RMB 3.001 billion, with a coupon rate of 4.0% and a AAAsf rating for the senior asset-backed securities, making it the first 10-year CMBS in the market. Compared with the peer group's repricing split every 3 years, the CMBS has obvious advantages. The long term CMBS better matches the characteristics of the long investment recovery period of the properties and maintains a low financing cost.

Lawyer Wen Na (a partner of V&T's Shenzhen office), Sun Qian (an intern lawyer), Xu Mengdan (an intern lawyer) and Feng Lingna (a paralegal) formed a special team to provide legal services for the establishment and issuance of this project.

In recent years, China Resources Land has maintained a proactive and prudent financial policy and a business strategy of stability. By issuing commercial property asset securitization products, China Resources Land has responded positively to the State Council's policy guidance of “revitalizing stock assets and expanding effective investment”, forming a virtuous cycle of stock assets and new investment. China Resources Land has many high-quality properties under its ownership and its commercial operations have been steadily improving. The long term CMBS product matches the characteristics of the long investment recovery period of the properties and maintains a low financing cost. Facing the test of industry adjustment and increasing capital pressure in the industry, the successful issuance of CMBS fully reflects the market investors' high recognition of China Resources Land's main credit and cross-cycle commercial operation strength, which will help the company broaden financing channels, optimize debt maturity structure and establish the road of asset securitization with China Resources Land's characteristics.

Opened in November 2018 and located in Qiaoxi District, Shijiazhuang, the nearly 200,000 square meters of commercial space brings together more than 300 domestic and foreign brands with an occupancy rate of over 96%, integrating trendy and light luxury, specialty dining, entertainment and leisure, parent-child interaction and other functions, which has become a one-stop international trendy lifestyle landmark for the whole family leading Shijiazhuang's business style.