Seazen Sells Rare 100 Million Yuan Unsecured Bond

Seazen Holdings Co. Ltd. has issued a 100 million yuan ($15 million) unsecured domestic bond, marking the private Chinese developer’s first pure credit note in more than four years and a rare breakthrough for a sector largely shut out of capital markets.

The Shanghai-listed builder completed bookbuilding on Sept. 21 for a broader 400-million-yuan debt offering underwritten by Citic Securities Co. Ltd. The transaction comprised a 300-million-yuan tranche backed by commercial real estate valued at 603 million yuan alongside the 100-million-yuan unsecured tranche.