Seazen Holdings, a private Chinese property developer, plans to issue no more than 850 million yuan of medium-term notes, the first batch this year, according to a filing to the Hong Kong Stock Exchange.
The full amount of the bond will have “unconditional, irrevocable joint-liability guarantees” from state-owned China Bond Issuance, it said. Last week, Xinhu Zhongbao, another private property developer, successfully issued 700 million yuan of MTNs which carried the similar guarantees from the China Bond Issuance.
The issuance marks the first of such guaranteed bonds by private property developers after Country Garden issued a total of 1.7 billion yuan of guaranteed MTNs in May.