Seazen Subsidiary Pledges Guigang Wuyue Plaza for 2026 Bond Tranche

On September 17, 2026, Seazen Holdings announced that its controlled subsidiary Guigang Hengyue Commercial Management Co. , Ltd. has pledged Guigang Wuyue Plaza, which it holds, as collateral for the first tranche of Seazen Holdings' 2026 public corporate bonds issued to professional investors. The mortgagee is CITIC Securities Co. , the trustee for this tranche of bonds. Guigang Wuyue Plaza is located at No. 699 Jingang Avenue, Gangbei District, Guigang City, Guangxi Zhuang Autonomous Region, situated south of Jingang Avenue and east of Guangchang Middle Road.

In early September 2026, Seazen Holdings held an investor communication meeting, at which Chairman Wang Xiaosong discussed financing capacity and other issues with investors. The company made clear that it is seeking to use tools such as multi-tier REITs to obtain financing through Wuyue Plazas, buying a window for the clearance of its development segment. As of the end of June 2026, Seazen Holdings had more than 210 malls in operation or under construction, of which 181 were open, with overall occupancy above 98%. In the first half of 2026, Seazen Holdings' total commercial operating revenue was RMB7.112 billion, up 2.42% year on year; commercial operating revenue accounted for about 40% of group revenue and contributed about 80% of gross profit.

This is not the first time Seazen Holdings has used Wuyue Plazas as underlying assets for financing. As of the end of June 2026, Seazen Holdings held investment properties with a book value of RMB120.92 billion, of which RMB112.165 billion had been used as collateral for borrowings, meaning more than 92% of its investment properties had been pledged for financing.