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Guantao advises on issuing largest scale Beijing SOEs’ public rental housing CMBS

Guantao advised BBMG Corporation on successfully issuing its first public rental housing CMBS (Commercial Mortgage-Backed Securities), the "Ping An-Jinyu Shanyue Jiayuan Public Rental Housing Asset-Backed Special Plan".  The project has a scale of RMB 1.657 billion, with a term of 18 years (3+3+3+3+3+3) and an interest rate of 2.44%, setting a record for the largest scale among Beijing state-owned enterprises' (SOE) public rental housing CMBS.

The project uses the Shanyue Jiayuan public rental housing complex, owned by BBMG Jiaye Property Development Co., Ltd., as its underlying asset.  This housing development comprises over 5,000 residential units with a total floor area of 129,017.95 square meters.  It represents a ‌significant livelihood project‌ invested in by BBMG Group in Haidian District.  The project has consistently maintained an ‌occupancy rate above 90%‌ and a ‌rent collection rate exceeding 99%‌ since its operational launch in 2019, generating ‌annual rental revenue surpassing RMB 100 million‌.

The successful issuance of this public rental housing CMBS project marks ‌BBMG Group's first initiative‌ in its real estate sector to ‌unlock asset value through securitization‌ in recent years.  This move has ‌effectively diversified the company's financing channels‌ while ‌significantly lowering its borrowing costs‌.

Guantao team, led by Liu Wei, Beijing-based partner, and assisted by partner Cui Xiangwei and senior associate Song Song, offered end-to-end legal services for the project.