Core Viewpoint - Baolong Real Estate (01238.HK) reported a contract sales amount of approximately RMB 714 million and a contract sales area of 66,960 square meters for October 2025 [1] Group 1 - The total contract sales amount for the ten months ending October 31, 2025, is approximately RMB 6,145 million, with a total contract sales area of 537,974 square meters [1]

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佈的內容概不 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 佈 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 寶龍地產控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本集團」）董事會（「董 事 會」）謹此公佈本集團截至2025年10月31日 止 月 份 若 干 未 經 審 核 營 運 數 據。 本集團於2025年10月的合約銷售額（連 同 共 同 控 制 實 體 及 聯 營 公 司 的 合 約 銷 售 額）及合約銷售面積分別約為人民幣714百萬元及66,960平 方 米。本 集 團 截 至2025 年10月31日止十個月的合約銷售總額（連 同 共 同 控 制 實 體 及 聯 營 公 司 的 合 約 銷 售 額）及合約銷售總面積分別約為人民幣6,145百萬元及537,974平 方 米。 上 述 銷 售 數 據 未 經 審 核，乃 根 據 本 集 團 初 步 內 部 資 料 編 製，鑒 於 整 理 該 等 銷 售 資 料 過 程 中 存 在 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 寶龍地產控股有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01238 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD ...

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 - The second restructuring of Baolong Real Estate's offshore debt marks a critical breakthrough in alleviating the company's liquidity crisis, with the controlling Xu family still aiming to maintain control over Baolong Commercial [1][4][8]. Debt Restructuring Progress - Baolong Real Estate signed a restructuring support agreement with a creditor group holding 31% of the planned debt on October 10, indicating progress after the failure of the first restructuring [1]. - The restructuring plan involves Baolong Real Estate transferring up to 32.4% of its shares in Baolong Commercial to creditors as part of a debt-for-equity swap, which would reduce its stake from 63% to below 30.6% [2][7]. - The restructuring includes a "menu-style" solution offering various options such as cash payments, share transfers, and the issuance of convertible bonds [4][5]. Financial Details - The restructuring plan proposes a cash payment of up to $40 million, sourced from the pledge or sale of Baolong Commercial shares [4]. - The share transfer price is set at HKD 15 per share, which is an increase of HKD 3 from the initial restructuring [4]. - Baolong Commercial reported a cash balance of 4.285 billion yuan and a net profit of 183 million yuan in the first half of the year, contrasting with Baolong Real Estate's declining sales and significant debt [6][9]. Strategic Implications - The restructuring reflects a broader trend in the industry where companies are moving from simple asset sales to restructuring quality assets as a means to regain creditor trust [9][10]. - The case highlights the importance of diversified asset structures and proactive communication with creditors in navigating financial crises [9][12]. - The restructuring is seen as a starting point for Baolong Real Estate to enhance operational capabilities and rebuild cash flow post-debt resolution [9][12].

Core Viewpoint - The restructuring of Baolong Real Estate's offshore debt marks a critical breakthrough after the failure of the initial restructuring, with the controlling Xu family striving to maintain control over Baolong Commercial amidst liquidity challenges [1][3]. Debt Restructuring Progress - On October 10, Baolong Real Estate entered into a restructuring support agreement with a creditor group holding 31% of the planned debt, indicating progress in the second round of debt restructuring [1]. - The restructuring plan involves Baolong Real Estate transferring up to 32.4% of its shares in Baolong Commercial to creditors as part of a debt-for-equity swap, which would reduce its stake from 63% to below 30.6% [2][5]. Financial Background - Baolong Real Estate has faced significant debt issues, including a default on $21.29 million in 2022 and a subsequent interest default at the end of 2023, leading to the current restructuring efforts [3]. - The restructuring framework approved by the court in 2024 was rendered ineffective in February 2025 due to a rejected extension request, resulting in a liquidation application for its subsidiary Baolong Viking involving $199 million in unpaid senior notes [3]. Restructuring Plan Details - The restructuring plan includes a "menu-style" solution with various options: cash payments up to $40 million, share transfers, issuance of up to $1.2 billion in mandatory convertible bonds, and new medium and long-term notes totaling up to $500 million [4][6]. - A cash consent fee of 0.15% has been set to encourage creditor support, with a deadline of November 28, 2025 [4]. Performance Comparison - Baolong Commercial, as a key asset, reported cash and bank balances of 4.285 billion yuan and a revenue of 1.3 billion yuan in the first half of the year, with a 52.8% increase in operating cash flow [4]. - In contrast, Baolong Real Estate's contract sales plummeted by 50% to 3.723 billion yuan, with total debt around 56.111 billion yuan and a cash shortfall exceeding 20 billion yuan [4]. Control Dynamics - Despite the share transfer, the Xu family retains control over Baolong Commercial through indirect holdings, ensuring continued influence over the company [5]. Industry Context - The restructuring reflects a broader trend in the real estate sector, where companies are moving from asset liquidation to restructuring quality assets as a means to regain creditor trust [8][9]. - As of August 2025, 20 distressed real estate firms have completed debt restructuring, with a total debt relief exceeding 1.2 trillion yuan, indicating a shift towards debt-for-equity swaps as a common strategy [9]. Future Outlook - The success of Baolong Real Estate's restructuring will depend on its ability to leverage Baolong Commercial's strong performance to restore cash flow and operational viability [8]. - The industry faces a significant debt repayment peak in 2025, with a total of 534.2 billion yuan due, highlighting the ongoing challenges for real estate firms [8].

Core Viewpoint - Baolong Commercial (09909.SH) is undergoing a debt restructuring process initiated by its controlling shareholder, Baolong Real Estate (01238.HK), which includes options for creditors to exchange or pledge shares of Baolong Commercial for debt relief [2][3]. Group 1: Debt Restructuring Details - On October 10, Baolong Real Estate signed a restructuring support agreement for its offshore debt, allowing for the transfer of up to 32.4% of Baolong Commercial's shares to creditors [2]. - The restructuring plan includes various options for creditors, such as cash payments, shares of Baolong Commercial, and convertible bonds, with a cash option offering 12% of the claimed amount [2][3]. - The cash for the restructuring will be sourced from the sale or pledge of Baolong Commercial shares, amounting to $40 million, with proportional distribution if claims exceed this amount [2]. Group 2: Historical Context - Baolong Real Estate has faced challenges in meeting its debt obligations, having defaulted on $21.29 million in notes in 2022 and unable to pay $15.9162 million in interest due in April 2023 [3]. - The company has been in negotiations for nearly a year to finalize its debt restructuring, with a previously set effective date for the plan now extended to no later than September 30, 2026 [2][4]. - As of now, Baolong Real Estate holds approximately 63% of Baolong Commercial's outstanding shares, totaling 405 million shares [4].

Core Viewpoint - Baolong Real Estate is struggling with debt default and has made progress in its offshore debt restructuring by signing a support agreement with a creditor group holding approximately 31% of the planned debt [1][2]. Group 1: Restructuring Progress - On October 13, Baolong Real Estate announced a restructuring support agreement with a creditor group holding about 31% of the planned debt [2]. - The restructuring plan includes a "package" repayment scheme involving cash, equity, and bonds, with the pledge or transfer of shares in Baolong Commercial as a key asset [1][4]. - The restructuring will proceed under the "scheme of arrangement" mechanism according to Hong Kong Company Ordinance, requiring over 75% creditor approval and court sanction [4]. Group 2: Debt Repayment Options - The restructuring proposal offers creditors multiple options, including a cash payment of 12% of their claim amount, shares in Baolong Commercial at a conversion price of HKD 15 per share, and new medium to long-term notes [4][5]. - The cash payment will be funded by USD 40 million raised from pledging or selling Baolong Commercial shares, with proportional distribution in case of oversubscription [4]. - A cash consent fee mechanism is also in place, rewarding creditors who support the restructuring with 0.15% of the principal amount of eligible debt [6]. Group 3: Financial Status and Challenges - Baolong Real Estate's financial situation is precarious, with total revenue of approximately CNY 13.251 billion in the first half of the year, a year-on-year decline of 15.3%, and a loss attributable to shareholders of about CNY 2.652 billion [11]. - As of June 30, 2025, the company had total borrowings of approximately CNY 56.111 billion, with CNY 27.598 billion classified as current liabilities, and a net debt ratio of 104.1% [11]. - Baolong Commercial, a key asset in the restructuring, has a stable financial position with cash and bank balances of approximately CNY 4.285 billion and no interest-bearing debt [9]. Group 4: Historical Context and Future Outlook - The restructuring journey has been tumultuous, with previous plans failing due to unmet conditions, leading to a renewed effort to address overall debt issues [10][16]. - The restructuring plan is expected to be completed by September 30, 2026, pending regulatory approvals and court recognition [7]. - The outcome of the restructuring will depend on securing support from over 75% of creditors and the resolution of ongoing liquidation hearings related to Baolong Viking, a subsidiary holding 63% of Baolong Commercial [12][14][16].

Economic Outlook - Economists have raised their forecasts for U.S. economic growth for this year and next, with GDP expected to grow by 1.8% in 2023, up from a previous estimate of 1.3% [2] - The upward revision is primarily due to significantly improved expectations for business investment [2] - The U.S. economy is projected to grow at a similar pace in 2026 [2] Employment Trends - The average monthly job growth in the U.S. is now expected to be 60,000 for this year, down from a prior forecast of 87,000 [2] - Recent months have shown a notable slowdown in job growth, prompting the Federal Reserve to lower interest rates by 25 basis points in September [2] - Economists anticipate another 25 basis point rate cut from the Federal Reserve this year, followed by a total of 75 basis points in cuts by 2026 [2] Inflation Expectations - The NABE group expects U.S. inflation to remain above the Federal Reserve's 2% target until next year [2] - The year-on-year increase in the PCE price index is projected to decline from 3% this year to 2.5% by the end of 2026 [2] Trade and Economic Policy - The economic outlook has been complicated by significant and frequently changing policy measures from the Trump administration, particularly regarding tariffs [2] - The impact of tariffs on inflation has been slower and more moderate than many economists had anticipated [2]

Group 1 - Company announced significant progress in its overall solution, including the signing of a restructuring support agreement and inviting participation in the agreement [3] - As of the date of the restructuring support agreement, holders of approximately 31% of the total unpaid principal of planned debts have joined the agreement [3] - The restructuring will involve a combination of measures, including the sale or pledge of commercial shares to pay a total of $40 million in cash and the transfer of commercial shares equivalent to no more than 32.4% of the company's outstanding shares to creditors [3] Group 2 - Company was founded in 1990 in Macau and has diversified into real estate, commerce, hotels, and cultural arts, with its real estate arm listed on the Hong Kong main board in 2009 [4] - The company has been criticized for its strong family influence, with key executives being family members of the founder [4] - Recent reports indicate multiple departures of professional managers, attributed to the management style of the second-generation leader, who oversees various business units directly [5]