Although Latin America has been hard hit by the commodities market downturn, both Mexico and Brazil have remained attractive to investors. Brazil's size and resource base present a compelling story, and Mexico's NAFTA membership supports the development of its domestic economy. Argentina has a new government determined to reground its global relations and finances. In Asia, however, the picture is mixed. Chinese markets' wild ride in 2015 has not ended, as the government is balancing building domestic demand, high-value/high-tech manufacturing, and outbound investment. Korea has seen a sharp slowdown in export markets against a background of stagnant domestic demand. In Japan, economic reforms have yet to fully work through, but its companies have responded to a lackluster domestic environment by embarking on a major wave of outbound investment.
We advised China Life on forming a partnership with Global Logistic Properties (GLP) and two other leading Asian global institutional investors for the acquisition of a Class-A U.S. logistics portfolio valued at approximately US$4.5B. This investment marks the company's largest outbound real estate investment to date, its insurance arm's first real estate investment in the U.S., and one of the largest-ever Chinese outbound investments in the logistics sector.
We represented the global coordinators, administrative agent, and lenders in a US$3B bank financing for the new international airport in Mexico City, which will replace the existing Benito Juarez International Airport. Citigroup Global Markets Inc., HSBC Securities (USA) Inc., and J.P. Morgan Securities LLC acted as global coordinators of the loan. They also will be the lead arrangers for the bond financing that is expected to follow to provide additional financing. The airport, expected to be the largest in Latin America, is planned to open in 2020.
We represented the Government of Jamaica in the issuance of a dual-tranche bond valued at US$2B. This groundbreaking transaction is reported to be the country's largest-ever issuance of debt, at the lowest interest rates, in the international capital markets. The offering consisted of two bonds. The government used US$1.5B of the issue to pay back debt to PDVSA, the Venezuelan state-owned oil company. The liability management transaction was part of Jamaica's efforts to improve its credit metrics as it undergoes a fiscal adjustment program. The deal resulted in a reduction of Jamaica's external debt by 10% of GDP, and was named Latin America Bond Deal of the Year by International Financing Review.
Our lawyers represented Desarrolladora Homex, S.A.B. de C.V., a leading housing developer in Mexico, in the restructuring of approximately US$2.4B of claims, including US$900M in international bonds. The proceeding consisted of a pre-packaged restructuring plan implemented through a Mexican bankruptcy concurso mercantil proceeding filed by Homex and certain of its subsidiaries. This marked the first restructuring of a Mexican public company with SEC-registered securities to be successfully completed in Mexico through a pre-packaged bankruptcy proceeding since the recent amendments to the Ley de Concursos Mercantiles took effect.
We advised CreditEase Global Investments GP I, Ltd. on forming an offshore private equity fund and on its investment in various real estate projects and funds around the globe. CreditEase is a leader in China's wealth management industry, serving the country's emerging middle class and high-net-worth individuals. In addition, our lawyers helped CreditEase establish feeder funds in the Shanghai Free Trade Zone that can directly invest in the fund, offering a channel for CreditEase's Chinese customers using RMB to participate in additional investment opportunities outside of China.