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 ...

截至2024年年末，旭辉控股尚有有息负债866亿元人民币，其中70%为境内外信用债。旭辉控股CFO杨 欣表示，预计在完成境内和境外债务重组后，旭辉的信用债规模将缩减50%以上至300亿元以内，存量 信用债务的久期将延展至9—10年，利率也将下调至公司经营发展可承受的水平。 境外债重组本金约68亿美元 据了解，旭辉控股本次重组的债务总计本金68亿美元。据旭辉境外重组负责人朱皋鸣介绍，考虑到众多 债权人的不同诉求，方案遵从"短端削债，中端转股，长端保本降息"的框架，提供多种选项供各位评估 和选择。 例如，选项1A或1B是32%的旧债转为零息的新债券或贷款，期限默认2年可延长至3年，到期按剩余本 金100%偿还。在基准日后12个月末，公司可按75%的价格（即旧债本金的24%）偿还最多剩余本金的 40%； 选择选项2A或2B的债权人将按比例共享3500万美元头部现金，这部分现金将自重组生效日一年内分3期 支付。选项2A为90%旧债规模转换为4年期零息强制可转债，转股价为每股1.6港元，分4年强制转股； 选项2B为60%旧债规模的上述4年期零息强制可转债，以及30%的新中期票据，票据年期为4.5年，票息 为2.75%。 ...

《中国经营报》记者了解到，旭辉控股境外债务重组已取得重大进展，将采取"短端削债、中端转股、 长端保本降息"的框架，提供5类选项满足不同债权人的需求。其中，境内债务方面，现正积极推进百亿 元公司债整体重组；境外债务方面，本次重组范围包括12笔高级债券和13笔境外贷款，本金共计68亿美 元。 "旭辉控股正处在爬坡过坎的关键时刻，现在征服的是另一场'百里戈壁'，每一天都经历着'戈壁徒步'的 挑战。"在日前召开的境外重组债权人说明会上，旭辉控股集团有限公司（以下简称"旭辉控股"， 00884.HK）董事局主席林中时隔3年首度公开露面，并就债务重组进展情况和未来转型发展模式等问题 进行了交流。 财报数据显示，2024年，旭辉控股实现营业收入477.89亿元，同比下降约33.5%；录得合同销售额336.7 亿元，同比下降51.89%；股东权益应占净亏损70.76亿元，同比减亏19.07亿元。 林中表示，未来，旭辉控股将坚决摒弃"三高"模式，转向"低负债、轻资产、高质量"发展路径。同时， 公司将聚焦三大核心业务板块，包括稳定增长的商业地产收租业务、深耕核心城市的开发业务和重点发 展的房地产资管业务。 据旭辉控股CFO杨欣介 ...

债转股与资产盘活并进，房企债务重组按下加速键 金十数据5月14日讯，债券市场频传房企化债捷报，行业风险出清进程显著加速。5月13日晚间，融创中 国宣布其境外债务重组计划的聆讯将于2025年9月15日上午10时在香港高等法院举行。值得一提的是， 此前两日，旭辉控股正式启动68亿美元境外债重组表决程序，其债转股方案为债权人预留股权增值通 道；金科股份1470亿元司法重整案获法院裁定，成为行业最大规模重整样本。根据克而瑞数据，2025年 以来，融创中国、远洋集团等超59家出险房企披露化债进展，其中13家完成实质性重组，债转股、资产 抵债等模式批量涌现。 （北京商报） ...

Group 1 - Real estate companies are accelerating debt disposal processes through various means such as debt restructuring and reorganization, entering a new development stage with improved asset quality and stable cash flow [1] - *ST Jinke has received court approval for its reorganization plan, transitioning into the execution phase despite facing significant debt repayment challenges [1] - The restructured *ST Jinke will focus on four business segments: investment management, development services, operational management, and special assets, aiming for a phased achievement of short, medium, and long-term operational goals [1] Group 2 - CIFI Holdings has shifted its development model from "high leverage, high turnover, high risk" to "low debt, light asset, high quality," focusing on commercial real estate holding, core city development, and real estate asset management [2] - CIFI Holdings' current equity value is approximately 130 billion yuan, with property holdings valued at 46 billion yuan, and projected rental income of nearly 1.8 billion yuan in 2024, indicating strong cash flow support [2] - Following the restructuring, CIFI Holdings' overall credit bond scale will be reduced by over 50% to within 30 billion yuan, optimizing its debt structure and enhancing shareholder equity [2] Group 3 - Several real estate companies have made progress in domestic and overseas debt restructuring, with Sunac China being the first to complete a second round of domestic debt restructuring [3] - Other companies like Kaisa Group and Longfor Group have also received creditor approval for their restructuring plans, indicating a faster overall recovery pace in the industry [3] - The industry is moving towards a new phase focused on cash flow, operational efficiency, and sustainable development as quality assets and strong operational capabilities emerge from restructuring [3]

5月12日，旭辉控股集团有限公司(以下简称"旭辉控股")召开债权人电话会议，公司董事局主席林中， 首席财务官杨欣，境外重组负责人朱皋鸣在会上向债权人系统阐述了重组进展、未来战略及复苏路径， 展现出公司"活下来、站起来"的坚定信心。 杨欣强调，随着本轮重组落地，公司整体净负债率将加速回归健康水平，有息债务结构更加优化，股东 权益亦将持续提升，资本结构更趋稳健。 在此基础上，他建议广大债权人优先考虑"债转股"选项。他认为，股票流动性优于有息债务且具价值想 象空间，转股既可优化资本结构，又赋予债权人灵活退出通道及未来增值机会。与此同时，旭辉控股境 外债占比高，重组后债务结构改善明显，为价值修复奠定基础；从债权人变成股东，与公司发展利益一 致，大股东和管理层也更有信心持续为所有股东创造最大价值。 旭辉控股境外债重组目前已进入最关键阶段，朱皋鸣表示，公司已在5月7日公告"计划安排通知"，5月 26日下午5点，是托管指令截止日期。投票结束后，计划在6月3日下午8点召开债权人会议；6月26日上 午10点在香港高等法院进行核准聆讯。 同策研究院研究总监宋红卫向《证券日报》记者表示，近期，上海、北京、杭州等核心城市楼市销售持 ...

CIFI Holdings (Group) Co (00884) Update / Briefing May 12, 2025 05:00 AM ET Speaker0 Good afternoon, everyone, and welcome to Sify Holdings Creditors' open call. As many of you already know, Sify has received a convening order from the Hong Kong court on the April 23. In accordance with this order, the company has scheduled to hold a scheme meeting on the June 3. The purpose of today's meeting is to update you on the current business operations of the company as well as to discuss the overview of the offsho ...

Group 1 - The core point of the article is that CIFI Holdings reported a contract sales amount of 1.72 billion RMB in April, with a cumulative contract sales amount of 7.16 billion RMB from January to April [1] Group 2 - The April contract sales figure represents a significant contribution to the company's overall performance in the first four months of the year [1] - The cumulative sales figure indicates a steady sales trend for CIFI Holdings in the early part of the year [1]