Seazen Expands Asset-Backed Scheme to 1.4 Billion Yuan

MT Newswires Live11-10

Seazen (HKG:1030) has expanded an asset-backed securities scheme backed by three shopping malls, bringing its issuance size to 1.44 billion yuan from an initial 616 million yuan, according to a Monday Hong Kong bourse filing.

The expansion added Tianjin Jinnan Wuyue Plaza and Nantong Rugao Wuyue Plaza to the scheme, which was initially backed by Shanghai Qingpu Wuyue Plaza.

The transfers constitute a discloseable transaction under Hong Kong listing rules.

Seazen retains control of the malls' holding companies, which remain consolidated subsidiaries, and has recorded the proceeds as liabilities without recognizing any gain or loss.

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