6月4日，旭辉控股公告披露境外债重组最新消息，在6月3日晚上举行的计划会议上，旭辉境外债重组方 案取得所需的法定大多数计划债权人支持，永续证券及可换股债券的两项特别决议案(更换受托人、建 议修订)分别获通过。公告称，本次重组预计削减境外债约52.7亿美元，占境外债务总额66%。1250名持 有79.33亿美元投票计划债权的债权人参与了计划会议，其中1236名持有73.51亿美元投票计划债权的债 权人赞成，占投票总值约92.66%。公告还称，后续公司将寻求法院批准及认可该计划，聆讯定于6月26 日上午10时(香港时间)举行。(21世纪经济报道) ...

市场期盼已久的房企化债标杆案例浮出水面，一份92.66%支持率以及66%削债率的成绩单背后，是债权 人对旭辉未来重新站起来投下的信任票。 重组之后为何能站起来：整体债务负担轻、境外占比高、化债力度大 在行业深度调整期，房企债务重组的关键在于方案设计的核心要素及其最终达成的效果。为了更全面地 评估旭辉境外债务重组方案，我们可以将其与其他正在经历境外债务重组的同业企业进行比较。 | | 旭辉 | 融创 | 世茂 | 龙光 | 碧桂园 | | --- | --- | --- | --- | --- | --- | | 24年末总有息负债 (亿元) | 867 | 2597 | 2521 | 900 | 2535 | | 境外债重组本金规 模(美元) | 68 | 87.7 | 114. 53 | 75.82 | 140.7 | | 境外债占总有息负 债比例(%) | 55% | 24% | 32% | 60% | 39% | | | | | | | GIMEL | 6月4日早间，旭辉控股集团(00884.HK)发布公告，披露境外债务重组计划会议的最新结果。公告显示， 共有1250名债权人参与会议，持有债权总额约79 ...

Core Viewpoint - CIFI Holdings Group has announced a restructuring plan involving perpetual securities and convertible bonds, aiming to change the trustee and governing law from UK to Hong Kong law, which has been approved by the necessary majority of bondholders [1][2][3] Group 1: Restructuring Details - The first and second special resolutions regarding the replacement of the trustee and proposed amendments have been formally passed during the consent solicitation meetings held on June 3, 2025 [1][2] - A total of 1,250 bondholders, representing $7.933 billion in voting plan debts, participated in the plan meeting, with 1,236 bondholders voting in favor, accounting for approximately 92.66% of the total voting value [3] Group 2: Financial Implications - The proposed restructuring is expected to reduce the group's offshore debt by approximately $5.27 billion, which represents about 66% of the total voting plan debts [4] - The restructuring aims to alleviate liquidity pressure and provide a sustainable capital structure, creating long-term value for all stakeholders [4] Group 3: Future Steps - The company plans to seek court approval for the restructuring, with a hearing scheduled for June 26, 2025 [4]

Market Overview - The transaction volume in Kunming's real estate market slightly decreased last week, with an average transaction price of approximately 12,631 CNY per square meter, reflecting a 4% decrease week-on-week [1] - Total supply in the market was about 22,700 square meters, down 70% from the previous week, with 100 and 72 units supplied from two projects [1][3] - The total transaction area was approximately 58,800 square meters, showing a 1% decrease compared to the previous week [1] Project Performance - The top-performing projects included Xuhui Plaza and Botianfu, with a sales amount of about 42 million CNY and 22 units sold, achieving an average price of 14,674 CNY per square meter [3] - High-end improvement-type properties like Botian and Longhu New Hope continued to dominate sales, with average prices ranging from 18,023 CNY to 19,092 CNY per square meter [3] - Affordable housing projects such as Botian Yujiazhang and others maintained strong sales, with average prices between 9,384 CNY and 11,123 CNY per square meter [3] Land Supply and Development - No land supply or transactions occurred in Kunming's main urban area last week [4] - A new 30-class primary school is planned in the Northwest New City area, with a total investment of approximately 149 million CNY, set to start bidding in June [5][7] Infrastructure Development - The construction of the Guandu 398 Road, referred to as the "fourth vertical," is set to improve traffic conditions in the Wujia Ba area, with a total length of 2,579 meters [7][9] - The road will enhance connectivity in the area, with parts of the road already having completed foundational work, indicating a relatively low investment and short construction timeline [7][10] Auction and Hotel Status - The commercial land parcel for the招商翰林大观 project is scheduled for auction on July 2, with a starting price of approximately 67 million CNY [10][11] - The Dali Hilton Hotel recently failed to sell at auction, with an estimated value of about 1.093 billion CNY and a starting price of approximately 984 million CNY [11]

Core Viewpoint - The sales performance of major real estate companies in China for the first five months of 2025 shows a significant decline compared to the same period in 2024, indicating a challenging market environment for the industry [1][4]. Group 1: Sales Performance - Only Poly Developments achieved over 100 billion yuan in sales, totaling 116.1 billion yuan, a decrease of approximately 15.2 billion yuan year-on-year [1]. - China Overseas ranked second with sales of 90.4 billion yuan, down 11.3 billion yuan from the previous year [1]. - China Resources Land, despite moving up one rank, reported sales of 86.9 billion yuan, a decline of 5.8 billion yuan year-on-year [1]. Group 2: Market Trends - The threshold for entering the top 10 sales list increased to 43.3 billion yuan, with Huafa Group becoming the new entry, reflecting a year-on-year increase of approximately 7.4 billion yuan [3]. - Companies like Yuexiu and Jianfa saw sales growth, while major players like China Vanke experienced a significant drop of over 44 billion yuan [3][4]. - The overall sales of the top 20 companies showed a mixed trend, with some companies like China State Construction and Greenland reporting growth, while others like Jinmao and Longfor faced declines [6][8]. Group 3: Market Dynamics - The real estate market is characterized by insufficient incremental demand, leading to intense competition among the top 100 companies [9]. - Recent price reductions by leading companies, such as China Overseas, indicate a response to market pressures despite the overarching goal of stabilizing the market [10]. - Policy changes, including interest rate cuts and reduced down payment ratios, aim to support the market, but the overall recovery remains sluggish [11].

Core Viewpoint - CIFI Holdings has officially launched a comprehensive domestic bond restructuring plan involving seven domestic corporate bonds with a total principal balance of 10.06 billion RMB, following the progress of its offshore debt restructuring [1][2]. Group 1: Restructuring Options - The restructuring plan offers four options for bondholders: 1. **Bond Buyback Option**: CIFI plans to repurchase bonds at 18% of face value, with a cash limit of 200 million RMB, covering a maximum principal of approximately 1.1 billion RMB [1]. 2. **Stock Economic Benefit Rights Option**: This option allows bondholders to convert 100 RMB of bond principal into approximately 68 shares of stock, with a total expected issuance of 680 million shares [2]. 3. **Asset-for-Debt Option**: Bondholders can exchange bonds for trust shares valued at up to 35 RMB per 100 RMB of bond principal, with an estimated acceptance of 6 billion RMB in bonds [2]. 4. **General Debt Option**: This option has no upper limit on the principal and allows bondholders to convert bonds into general debt, with a maturity extension to January 18, 2034, and a reduced interest rate of 1% [2][3]. Group 2: Implications and Market Context - The restructuring reflects CIFI's commitment to resolving debt risks and improving its corporate image, which is seen as a positive step amid a recovering real estate market [3][5]. - The pace of debt restructuring among real estate companies has accelerated in 2024, with other firms like Sunac and Longfor also announcing their restructuring plans [3][5]. - Analysts note that while CIFI's restructuring options are similar to those of other companies, its cash buyback offer demonstrates significant sincerity, positioning it favorably compared to peers [4].

Group 1: Real Estate Market in Fujian - In the first four months of 2025, the sales area of new commercial housing in Fujian decreased by 16.9%, with residential sales area down by 16.6% [1] - The sales revenue of new commercial housing fell by 12.1%, while residential sales revenue declined by 13.3% [1] - As of the end of April, the unsold commercial housing area increased by 9.1%, with residential unsold area rising by 15.7% [1] Group 2: Housing Subsidy in Zhuhai - Zhuhai has introduced a "housing exchange" subsidy program, effective from May 6, 2025, to May 5, 2026 [2] - Individuals purchasing new commercial housing in Zhuhai can receive a subsidy of 1% of the new home's contract price, capped at 30,000 yuan, when selling their old home [2] - The subsidy application can be made regardless of the order of selling the old home and buying the new one, following a "sell one, buy one" principle [2] Group 3: Corporate Governance Changes at China Jinmao - China Jinmao announced the resignation of independent non-executive director Su Xijia, who will step down after the upcoming annual general meeting on June 17, 2025 [3] - Liu Feng has been nominated by the remuneration and nomination committee to be appointed as an independent non-executive director [3] Group 4: Debt Restructuring at Country Garden - Country Garden disclosed that over 70% of the holders of its public notes have joined the restructuring support agreement [4] - The company is extending the deadline for early bird restructuring support agreement fees from May 23, 2025, to June 6, 2025, and for general restructuring support agreement fees from June 6, 2025, to June 20, 2025 [4] Group 5: CIFI Holdings Debt Restructuring Plan - CIFI Holdings announced a debt restructuring plan involving seven domestic bonds with a total principal balance of 10.06 billion yuan [5] - The restructuring offers bondholders four options: bond buyback, equity economic rights, debt-for-equity swaps, and general debt claims [5] - If bondholders do not select any of the options, their bonds will enter a full repayment extension plan [5]

文 | 空间秘探，作者 | 武爽 近日，旭辉控股召开境外债权人会议，董事局主席林中称旭辉不仅要"活下来"，更要"站起来"，将重点 发展商业物业持有与租赁、自营开发项目以及房地产资产管理三大业务板块。作为旭辉控股千亿战略的 重要一环，旗下管理规模达到13万间的租赁平台瓴寓国际，能否帮助旭辉渡过"生死战"？ 抑郁的林中兄弟和债务重组的旭辉 5月12日，旭辉控股召开境外债权人电话会议，向债权人通报旭辉的经营现状与债务重组方案，并正式 启动境外重组方案的表决程序，这家曾经混得挺不错的房企又成了大家关注的焦点。 这也是林中时隔3年公开露面，读完董事局主席林中的讲话内容，空间秘探发现，其中心就是旭辉控股 如何从"活下来"，到彻底"站起来"。 林中讲到，"活下来"的前提是完成境内外信用债重组，这将极大改善公司的资本结构、修复资产负债 表。据了解，此次重组涉及的债务本金总额约为68亿美元，涵盖12笔债券和13笔贷款。这也是在出险 900多天来，旭辉控股推出的第三版境外债重组方案，内部人士称这版方案的推出，正是"林中亲自谈的 结果"。 旭辉控股的债务泥潭，也是林中时隔3年后再次公开露面的原因，林中也不讳言："没想到自己50多岁 ...

因此会有债权人抱怨，债务重组是用贬值的股票等"废纸"偿还此前的真金白银，且流程漫长。因此，部 分小债权人倾向申请法院清盘，以求快速了结。但企业一旦清盘便意味着终结，而选择债务重组，企业 尚有复苏可能，未来或具备更强偿债能力，基于此，大多数理性债权人会选择支持重组。 由此可见，债务重组并非单纯偿债行为，而是要妥善平衡债权人利益、企业生存与发展三者关系。若能 处理好这些关系，企业有望走出困境、重获生机，进而保障债权人、投资人等利益相关者权益，同时也 能提振购房信心、促进房地产市场回暖。 不过，不同出险房企情况各异，需具体问题具体分析。对于已无复苏可能的企业，应加快破产清算进 程，减少投资人损失，避免资产被转移挪用；对于主要负责人仍坚守岗位、积极自救且具备重振潜力的 企业，各方应多给予耐心与支持，实现共赢。 危机之下，债务相关各方唯有摒弃相互推诿、破坏合作的行为，秉持相向而行的态度，方能共克时艰。 这也对企业家和投资人提出更高要求，双方都需更加成熟理性。期待在新的市场环境中，涌现出更多有 远见、有格局的投资人，共同推动房企债务重组工作顺利开展。 每经评论员 薛晖 近年来，房地产行业深度调整，不少房企出现债务违约，债 ...

Group 1: Core Insights - CIFI Holdings is undergoing a debt restructuring process involving a total principal of approximately $6.8 billion, which includes $4.49 billion in senior bonds, perpetual bonds, convertible bonds, and $2.31 billion in overseas loans [1][2] - The restructuring plan offers five options for creditors, focusing on debt reduction, equity conversion, and interest rate adjustments [2][3] - The company aims to shift its development model from a "high leverage, high risk" approach to a "low debt, light asset, high quality" strategy post-restructuring [1][4] Group 2: Financial Position - As of the end of 2024, CIFI Holdings has interest-bearing liabilities of 86.6 billion RMB, with 70% being credit bonds [1][5] - The CFO indicated that after the restructuring, the scale of credit bonds is expected to be reduced by over 50% to below 30 billion RMB, with an extension of debt duration to 9-10 years and a reduction in interest rates [1][5][6] - The company reported a revenue of 47.79 billion RMB in 2024, a year-on-year decline of approximately 33.5%, with a net loss of about 6.33 billion RMB [7] Group 3: Future Strategy - CIFI Holdings plans to focus on three core business areas: stable rental income, self-operated development, and real estate asset management [5] - The company is committed to enhancing its financial risk control systems and establishing stricter financial guidelines to ensure sustainable development over the next 30 years [5][6] - The restructuring process is seen as a critical step towards restoring the company's creditworthiness and operational stability [4][6]