Rongxin Group's Housing Balance Payment Special Asset-Backed Program  (“Special Program”) was established on July 12, 2016 and will be listed on Shanghai Stock Exchange. This program is another successful practice by Fenxun Partner's provision of comprehensive financial legal service to Rongxin Group, apart from Rongxin Group’s Hong Kong listing and bonds issuance.

Rongxin Group raises RMB 880 million for this program and its basic assets constitute the group’s creditor rights towards buyers based on the house purchase contract. To represent its sincerity on the capital market, basic assets under this program are bank mortgage after buyers signing house purchase contracts and paying down payment. Real estates that the initial buying and following circular buying of the program cover are mainly in first and second tier cities and most of them are high-end residential by Rongxin Group. There are also many strict requirements of the amount receivable every single trade and ratio of down payments, which can secure the basic assets quality and cash flow stability. 

The program proceeds successfully, thanks to good cooperation between Rongxin Group and agencies, and the supporting work between Shanghai Everbright Securities Assets Management Co., Ltd., (managing company of this program), FenXun Partners, United Ratings Co., Ltd., Ernst & Young (Special general partnership) and other organizations.

The FenXun team was led by Partners Wang Jianzhao and Yang Guangshui, and supported by Judy Zhang, Zhang Ming, Shi Junnan and Lai Hui.