Fitch Ratings has withdrawn China-based homebuilder Seazen Group Limited's (SGL) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs), Long-Term Foreign-Currency IDR on SGL's 67%-owned subsidiary Seazen Holdings Co., Ltd. (SHCL), and their senior unsecured ratings of 'BB'.

Fitch is withdrawing the ratings as SGL and SHCL have chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for SGL and SHCL.

Key Rating Drivers

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

Best/Worst Case Rating Scenario

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

Issuer Profile

SGL, a property developer focused on China's Yangtze River Delta region, is listed on the Hong Kong stock exchange. It ranked among the top-20 property developers by sales value in China in 2021.

SHCL is the key subsidiary of SGL that operates all of the parent's property-development and investment-property businesses in China. SHCL is listed on the Shanghai Stock Exchange.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

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