Group 1: Beijing Land Supply - Beijing has released its eighth round of proposed residential land supply for 2025, involving 9 plots covering approximately 44 hectares and a planned construction area of about 1.03 million square meters [1] - All plots are located in areas with significant market demand and well-developed infrastructure and public services, including 3 in the central urban area and 6 in sub-centers and plains [1] - The supply of high-quality land in core areas, combined with favorable housing policies, is expected to boost market confidence in high-quality residential development and related industries [1] Group 2: Chengdu Land Auction - Chengdu successfully auctioned 4 residential plots, totaling an area of 125,500 square meters and a planned construction area of approximately 239,000 square meters, with a starting total price of 1.99 billion yuan [2] - The final transaction amount reached 1.995 billion yuan, with 3 plots sold at the base price and 1 plot sold at a slight premium, reflecting a differentiation between core and non-core areas [2] - This outcome reinforces the perception of asset optimization and development certainty among real estate companies, particularly state-owned and certain private enterprises focusing on core cities [2] Group 3: China Overseas Land Financing - China Overseas Land announced that its wholly-owned subsidiary plans to issue medium-term notes not exceeding 3 billion yuan, with two varieties: one for 1 billion yuan for 3 years and another for 2 billion yuan for 5 years [3] - The issuance is likely aimed at optimizing debt structure or supporting land acquisition in core cities, given the company's past practices of using medium-term notes for project construction and liquidity [3] - The company's ability to secure low-interest financing and maintain a stable financial position will be key points of market focus [3] Group 4: CIFI Holdings Debt Restructuring - CIFI Holdings disclosed details of its overseas debt restructuring plan, which includes issuing mandatory convertible bonds (MCB) to significantly reduce debt and optimize capital structure [4] - The major shareholder's previous loan of over 500 million HKD will also be converted into equity, and a 10-year equity incentive plan will be introduced to stabilize and motivate the team post-restructuring [4] - This marks a critical phase in CIFI's overseas restructuring, with potential positive implications for its balance sheet repair and asset-light transformation [4] Group 5: Caixin Development Bankruptcy Restructuring - Caixin Development announced that the management has completed the selection of an investor for its bankruptcy restructuring, with Jiangxi Zhongjiu Natural Gas Group confirmed as the selected investor [5] - However, the restructuring investment agreement has not yet been signed, and specific terms and payment arrangements are still under negotiation [5] - The restructuring may involve changes in company control, and while daily operations are reportedly unaffected, the new investor's capital injection and business collaboration plans will be crucial for improving performance [5]

CIFI Holdings (Group) Co. Ltd. 旭 輝 控 股 ( 集 團 ) 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) (Stock code 股份代號: 00884) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholder(s) (Note) , CIFI Holdings (Group) Co. Ltd. (the "Company") – Notice of Publication of Circular (the "Current Corporate Communication") The Current Corporate Communication of the Company has been published in English and Chinese languages and is available on the website of the C ...

N O T I F I C A T I O N L E T T E R 通 知 信 函 Dear registered shareholders, CIFI Holdings (Group) Co. Ltd. (the "Company") – Notice of Publication of Circular and Proxy Form (the "Current Corporate Communication") CIFI Holdings (Group) Co. Ltd. 旭 輝 控 股 ( 集 團 ) 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) 於開曼群島註冊成立的有限公司 (Stock code 股份代號: 00884) The Current Corporate Communication of the Company has been published in English and Chinese languages and is available on the Company's website ...

CIFI Holdings (Group) Co. Ltd. 旭輝控股（集團）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00884） （債 務 股 份 代 號：05261、40316、40464、40519、40681、40682） 股 東 特 別 大 會 代 表 委 任 表 格 本 人╱吾 等 （註1） 地 址 為 為 旭 輝 控 股（集 團）有 限 公 司（「本 公 司」）股 本 中 每 股 面 值0.10港 元 股 普 通 股 （註2） 的 登 記 持 有 人， 茲 委 任 （註3） 地 址 為 或 如 其 未 能 出 席，則 委 任 大 會 主 席 為 本 人╱吾 等 的 代 表，代 表 本 人╱吾 等 出 席 本 公 司 將 於 二 零 二 五 年 十 月 三 十 一 日（星 期 五）上 午 十 時 正 假 座 中 國 上 海 市 閔 行 區 申 虹 路1088 弄39 號 旭 輝 中 心 二 樓 簽 約 室 舉 行 的 股 東 特 別 大 會（「股 東 特 別 大 會」）或 其 任 何 續 會 及 於 會 上 投 票，並（但 不 限 於）代 表 本 人╱吾 等 以 本 人╱吾 等 的 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CIFI Holdings (Group) Co. Ltd. 4. 「動 議 旭輝控股（集團）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00884） （債 務 股 份 代 號：05261、40316、40464、40519、40681、40682） 股 東 特 別 大 會 通 告 茲 通 告 旭 輝 控 股（集 團）有 限 公 司（「本 公 司」）謹 訂 於 二 零 二 五 年 十 月 三 十 一 日（星 期 五）上 午 十 時 正 假 座 中 國 上 海 市 閔 行 區 申 虹 路1088弄39號 旭 輝 中 心 二 樓 簽 約 室 召 開 及 舉 行 股 東 特 別 大 會（「股 東 特 別 大 會」），以 考 慮 及 酌 情 批 准（不 論 有 否 修 訂）下 列 決 ...

此 乃 要 件 請 即 處 理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行經理、律師、 專 業 會 計 師 或 其 他 專 業 顧 問。 閣 下 如 已 將 名 下 的 旭 輝 控 股（集 團）有 限 公 司 股 份 全 部 售 出 或 轉 讓，應 立 即 將 本 通 函 及 隨 附 的 代 表 委 任 表 格 送 交 買 方 或 承 讓 人，或 經 手 買 賣 的 銀 行、股 票 經 紀 或 其 他 代 理 商，以 便 轉 交 買 方 或 承 讓 人。 CIFI Holdings (Group) Co. Ltd. 旭輝控股（集團）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00884） （債 務 股 份 代 號：05261、40316、40464、40519、40681、40682） (1)就 重 組 可 能 進 行 的 交 易，涉 及（其 中 包 括）： (A)根 據 特 別 授 權 發 行 強 制 性 可 轉 換 債 券 （包 括 有 關 向 茂 福 及RAIN-MOUNTAIN發 行 強 制 性 可 轉 換 債 券 的 關 連 交 易） ...

Core Insights - The real estate market in September showed signs of stabilization and recovery, driven primarily by the demand for improved housing options [1][9] - A total of 24 real estate companies reported sales data, with 15 companies, accounting for 62.5%, experiencing a month-on-month increase in sales [1] - Differentiated pricing strategies have played a crucial role, with smaller units attracting buyers through competitive pricing, while improved housing options achieved premium pricing [1][9] Sales Performance - Among the 24 companies, Poly Developments and China Overseas Development led with sales exceeding 200 billion yuan in September, at 205.31 billion yuan and 201.73 billion yuan respectively [3] - Other notable companies include China Resources Land and China Merchants Shekou, with sales of 176 billion yuan and 166.98 billion yuan [3] - The sales growth for Poly Developments and China Overseas has been consistent, with both companies reporting month-on-month increases for three consecutive months [3] Market Dynamics - Different tiers of companies are experiencing varied recovery rates, with top-tier firms benefiting from scale advantages and mid-tier firms leveraging popular projects to boost sales [3][4] - Companies like R&F Properties saw a significant month-on-month increase of 132.31% in September due to a low sales base in August [4] - The overall market recovery is supported by strong land acquisition strategies focused on first- and second-tier cities, with a reported 13% year-on-year increase in land sales revenue across 300 cities [5] Land Acquisition Trends - Real estate companies are increasingly concentrating their land acquisitions in core cities, with top 20 cities accounting for 61% of the total land sales revenue [5] - China Resources Land acquired 18 new projects in the first half of 2025, with a total investment of 32.28 billion yuan, primarily in first- and second-tier cities [5] - The supply of quality land has increased, providing more options for developers, as seen in Beijing's recent addition of 22 new real estate projects [6] Product Quality and Market Appeal - The introduction of high-quality housing standards has enhanced market attractiveness, with improved housing options meeting the needs of buyers [7] - Recent policy adjustments in major cities have further stimulated demand, allowing for greater flexibility in purchasing [7] - The sales of improved housing options have surged, with a notable increase in the proportion of larger units sold in major cities [8][9]

Core Viewpoint - CIFI Holdings Group has announced a comprehensive overseas debt restructuring plan aimed at significantly reducing its debt and optimizing its capital structure, with key measures including the issuance of mandatory convertible bonds (MCB) and a 10-year equity incentive plan for its team [1][2]. Group 1: Debt Restructuring Details - The company will issue approximately $6.7 billion in new instruments and pay about $9.5 million in cash, while existing overseas debt totaling around $8.1 billion will be canceled [1]. - The restructuring will involve the conversion of over $500 million in loans from the major shareholder into equity, demonstrating strong support from the major shareholder [2]. - The mandatory convertible bonds will have an initial conversion price of HKD 1.6 per share, representing a 7-fold premium over the current stock price, with three conversion mechanisms outlined [2]. Group 2: Equity Incentive Plan - A 10-year equity incentive plan will be introduced to stabilize and motivate the team during the post-restructuring recovery phase, linking performance metrics closely to the plan [2]. - The plan aims to ensure the major shareholder maintains control over the company post-restructuring, preventing excessive dilution of equity and stabilizing corporate governance [2]. Group 3: Strategic Direction - The restructuring aligns with the chairman's vision of a "new development model" focusing on a "light asset, low debt, high quality" approach, emphasizing core business areas such as rental income, self-operated development, and real estate asset management [3]. - The company aims to emulate successful models like those of Blackstone and Tishman Speyer, with a goal to regain stability within three years [3]. - The resilience and execution capability of the CIFI team during industry downturns, along with the major shareholder's involvement in the restructuring, are seen as foundational for the company's recovery [3].

Core Viewpoint - CIFI Holdings Group has announced a comprehensive overseas debt restructuring plan aimed at significantly reducing its debt and optimizing its capital structure through the issuance of Mandatory Convertible Bonds (MCB) and other measures [1][2]. Debt Restructuring Details - The company will cancel approximately $8.1 billion in overseas debt, which includes $6.8 billion in unpaid principal and $1.3 billion in accrued unpaid interest [1]. - A total of approximately $6.7 billion in new instruments will be issued, with about $4.1 billion in MCBs and the remaining $2.6 billion through various forms of notes or loans [1][2]. - The initial conversion price for the MCBs is set at HKD 1.6 per share, representing a 7-fold premium over the current stock price [2]. Conversion Mechanism - The MCBs will have three conversion mechanisms: voluntary conversion, phased mandatory conversion over four years, and automatic conversion if the stock price exceeds HKD 5.0 for 90 consecutive trading days [2]. - The major shareholder, the Lin family, will convert over HKD 500 million in loans into equity, demonstrating strong support for the company [2]. Equity Incentive Plan - A ten-year equity incentive plan will be introduced to stabilize and motivate the team during the post-restructuring recovery phase, linking performance metrics closely to the plan [2]. - This plan aims to ensure the major shareholder maintains control and prevents excessive dilution of equity, thereby stabilizing the corporate governance structure [2]. Strategic Development Model - The restructuring aligns with the company's new development model, focusing on a "light asset, low debt, high quality" approach, emphasizing rental income, self-operated development, and real estate asset management [3]. - The company aims to emulate models from firms like Blackstone and Iron Mountain, with a goal to recover within three years [3]. Operational Resilience - The company has demonstrated strong resilience and execution capabilities during industry downturns, with active participation from major shareholders in the restructuring process [3]. - The completion of the domestic restructuring voting indicates that the groundwork for the overseas debt restructuring has effectively commenced, positioning the company to be among the first private real estate firms to complete comprehensive debt restructuring [3].

Core Viewpoint - CIFI Holdings Group (00884) announced a restructuring plan aimed at canceling existing debts and relieving all current debt obligations, allowing creditors to choose from multiple options to meet their preferences and needs, while establishing a sustainable capital structure verified by the company's financial model [1][2]. Debt Restructuring - Approximately $8.1 billion in existing debt, including $6.8 billion in principal and $1.3 billion in accrued interest, will be canceled, and new instruments totaling approximately $6.7 billion will be issued, along with about $950,000 in cash payments [2]. - The restructuring is expected to reduce the company's offshore debt by approximately $1.4 billion on the effective date [2]. - The new instruments will include approximately $4.1 billion in mandatory convertible bonds, which will further reduce offshore debt as they convert into shares [2]. Mandatory Convertible Bonds - The mandatory convertible bonds will have an initial conversion price of HKD 1.6 per share, representing a premium of approximately 392.3% over the last trading price of HKD 0.325 on September 26, 2024 [3]. - The maximum number of shares to be issued upon conversion at the initial price is approximately 19.866 billion shares, while at the trigger conversion price of HKD 5.0, the maximum number of shares is approximately 6.357 billion [3]. Related Party Transactions - Related party Maofu, as a creditor, will receive mandatory convertible bonds worth approximately $2.939 million, convertible into about 14.3277 million shares [4]. - Another related party, Rain-Mountain, will receive mandatory convertible bonds worth approximately $1.0824 million, convertible into about 5.2767 million shares [6]. Shareholder Loan Conversion - A shareholder loan agreement will allow the conversion of outstanding loans into shares at a conversion price of HKD 0.40, resulting in the issuance of approximately 1.315 billion shares upon full conversion [7]. Share Award Plan - The board proposed a share award plan to align the interests of eligible participants with the company's goals, encouraging significant contributions to the business post-restructuring [8]. - A total of 2.441 billion awards will be granted to selected participants, pending shareholder approval at a special meeting [9]. Increase in Authorized Share Capital - The board proposed to increase the authorized share capital from HKD 2 billion (200 billion shares) to HKD 5 billion (500 billion shares) to provide greater flexibility for future fundraising and business development [10].