Seazen Holdings issues 400 mln yuan corporate bonds, first time using its own malls as collateral
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On September 21, Seazen Holdings (601155.SH) successfully completed the book-building for its first 2026 corporate bond issuance for professional investors, marking the smooth landing of its domestic credit bond issuance. The total issuance scale was 400 million yuan, split into two tranches: '26 Xinji 01' (300 million yuan) and '26 Xinji 02' (100 million yuan), both with a 2-year maturity. Notably, the first tranche innovatively used self-owned commercial asset mortgage guarantees for credit enhancement, a first for the company, while the second tranche was unsecured pure credit issuance, the first such domestic bond since 2022, indicating strong market recognition of the company's credit. The article attributes the successful issuance to market recognition of Seazen's commercial operation capabilities and asset value, citing its 212 Wuyue Plazas across 147 cities, 181 in operation with 98.35% occupancy, and commercial operating revenue of 7.112 billion yuan in the first half of 2026. The article states that Seazen, as one of the few private real estate enterprises maintaining zero default on public market debt, has secured multiple financing channels this year, and this bond issuance further solidifies its safety cushion and opens the domestic credit bond financing channel.
Source report
On September 21, Seazen Holdings Co., Ltd. (601155.SH) completed the book-building and issuance of its first tranche of publicly offered corporate bonds for 2026, targeting professional investors. This marks the successful launch of the company's domestic credit bond issuance.
Bond Details
The total issuance size for this tranche is RMB 400 million, divided into two varieties:
- Variety 1 ("26 Xinyuan 01"): Issuance size of RMB 300 million
- Variety 2 ("26 Xinyuan 02"): Issuance size of RMB 100 million
Both varieties carry a maturity of two years.
Innovative Credit Enhancement
Notably, Variety 1 adopts an innovative credit enhancement model using self-owned asset collateral guarantees. This is the first time Seazen Holdings has used its own commercial assets as collateral to enhance corporate bond credit. By leveraging commercial assets with clear ownership and mature operations, the company provides direct repayment assurance based on the assets' intrinsic value, offering a new template for financing innovation among real estate enterprises.
Pure Credit Issuance Breakthrough
Variety 2, in contrast, is a pure credit issuance without collateral. This marks Seazen Holdings' first domestic pure credit bond since 2022, reflecting strong capital market recognition of the company's creditworthiness.
Commercial Operations as Core Support
The successful issuance directly demonstrates market recognition of Seazen's commercial operation capabilities and asset value. As of the end of June 2026, the company had:
- Established 212 Wuyue Plazas across 147 cities nationwide
- 181 plazas in operation
- 16.7531 million square meters of operational space
- A stable occupancy rate of 98.35%
- Total commercial operation revenue of RMB 7.112 billion in the first half of the year, up 2.42% year-on-year
- Commercial segment gross profit margin accounting for nearly 80%, serving as the company's core support for navigating market cycles
Strengthening Financial Resilience
As one of the few private real estate enterprises to maintain a "zero default" record on public market debt, Seazen Holdings has successfully executed multiple financing initiatives this year, including medium-term note issuance, USD bonds, PRE-REITs, and inter-institutional REITs expansion. The successful issuance of this corporate bond further reinforces the company's financial safety buffer, opens up domestic credit bond financing channels, and provides a replicable practical pathway for private real estate enterprises to revitalize financing and achieve transformation through high-quality asset utilization.
Source
证券市场周刊Eastern