Recently, the REIT program for Show Kingdom resettlement housing project launched by Xiamen International Trust Co., Ltd., after two years’ smooth operation, successfully came to its end. Xiamen International Trust Co., Ltd. acted as the trustee of the RMB 2.4bn program and China Construction Bank (CCB) Fujian branch as the sponsor.
 
The resettlement housing project, which is located at the heart of Fuzhou City, has involved a total investment of RMB15bn, as high as RMB6bn of which was spent on land-transferring fees. The project covers a total floor space of 1.7mln square meters, including 558,300 square meters of resettlement buildings that the REIT sought to finance.
 
The REIT was the first such program launched by Xiamen International Trust, CCB Fujian branch and the property developer. It faced many difficulties such as a tight time-table and investors’ reluctance to make such investment. A Dacheng project team, led by Xiamen-based senior partner Wang Baoyong, provided all-round legal support for the launching and operation of the program, including due diligence, deal structure design and a set of legal documents and legal opinions. Their strong support secured the successful launching, smooth operation of the program at a time when the government imposed the harshest policies on the real estate market.
 
From 2008 till now, Attorney Wang Baoyong has been providing professional and efficient counsel for a large number of trust companies, including Zhongrong International Trust, Xiamen International Trust, Minmetals International Trust, Sichuan Trust and CITIC Trust, etc. His scope of service involves the setting up, operation, discontinuation and liquidation of a variety of trusts, including REITs, government investment trusts, infrastructure trusts, securities investment trusts, property trusts and more. His work has been commended by his clients.