Group 1 - Kaisa Group has made significant progress in its offshore debt restructuring, including the establishment of the effective date for the restructuring [1] - Following a joint application by all parties through a consent summons, the High Court has issued an order to withdraw the petition as of September 22, 2025 [1] - As of the announcement date, there are no pending winding-up petitions against the company [1]

格隆汇9月22日丨佳兆业集团(01638.HK)公布，有关公司境外债务重组取得重大进展，包括落实重组生 效日期。于各方以同意传票方式提出联合申请后，高等法院已于2025年9月22日颁令撤销呈请(经修 订)。于公告日期，概无针对公司的待决清盘呈请。 ...

香港交易及結算所有限公司以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 表 明 不 會 就 本 公 告 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。 茲 亦 提 述 本 公 司 近 期 公 告，內 容 有 關 本 公 司 境 外 債 務 重 組 取 得 重 大 進 展，包 括 落實重組生效日期（定 義 見 本 公 司 日 期 為 二 零 二 五 年 九 月 十 五 日 的 公 告）。 董 事 會 欣 然 宣 佈，於 各 方 以 同 意 傳 票 方 式 提 出 聯 合 申 請 後，高 等 法 院 已 於 二 零 二五年九月二十二日頒令撤銷呈請（經 修 訂）。 KAISA GROUP HOLDINGS LTD. 佳兆業集團控股有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1638） 撤銷清盤呈請 本公告由佳兆業集團控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 根據香港聯合 ...

Core Viewpoint - Kaisa Capital (00936) experienced a significant intraday increase of over 60%, reaching a high of HKD 1.35, with a cumulative increase of nearly 12 times within the month, reflecting strong market interest following recent corporate developments [1] Group 1: Stock Performance - As of the latest update, Kaisa Capital's stock rose by 16.67%, trading at HKD 0.98, with a transaction volume of HKD 19.0627 million [1] Group 2: Legal and Financial Developments - The Hong Kong court dismissed a winding-up petition against Kaisa Group (01638), which is a positive legal outcome for the company [1] - On September 15, Kaisa Group's overseas debt restructuring plan officially took effect, marking a significant milestone in its financial recovery efforts [1] Group 3: Strategic Initiatives - On September 17, Kaisa Capital announced the initiation of a strategic transformation focusing on Real World Asset (RWA) business, collaborating with a licensed virtual asset trading platform in Hong Kong to advance the tokenization of RWA under a compliant framework [1] - Kaisa stated its intention to leverage shareholder resources, industry strengths, and regional advantages, along with technological expertise in the Web 3.0 space, to explore digital financial innovations starting from Hong Kong [1] - Kaisa Capital aims to continuously promote innovation and resource integration in fintech, digital finance, and Web 3.0, creating long-term value aligned with contemporary development trends [1]

Core Viewpoint - Kaisa Capital (00936) experienced a significant stock price increase, rising over 60% during trading, with a peak at 1.35 HKD and a cumulative increase of nearly 12 times within the month [1] Group 1: Stock Performance - As of the latest update, Kaisa Capital's stock rose by 16.67%, trading at 0.98 HKD with a transaction volume of 19.0627 million HKD [1] Group 2: Legal and Financial Developments - The Hong Kong court rejected the winding-up petition against Kaisa Group (01638) [1] - On September 15, Kaisa Group's overseas debt restructuring plan officially took effect [1] Group 3: Strategic Initiatives - On September 17, Kaisa Capital announced a strategic transformation to focus on Real World Asset (RWA) business and partnered with a licensed virtual asset trading platform in Hong Kong to promote the tokenization of RWA under a compliant framework [1] - Kaisa stated its intention to leverage shareholder resources, industry strengths, and regional advantages, along with technological expertise in the Web3.0 field, to explore digital financial innovations starting from Hong Kong [1] - Kaisa Capital aims to continue driving innovation and resource integration in fintech, digital finance, and Web3.0, creating long-term value aligned with the trends of the new era [1]

曾以30.9亿元总价刷新惠州地价纪录的佳兆业樾伴湾项目，在经历两次流拍后，于8月1日-9月31日以12.91亿元起拍价进入司法变卖。发稿前，虽吸引超 4796次围观，32人设置提醒， 无人报名。 该项目位于鹿江沥南岸，总建面约38.75万㎡，原计划打造高端豪宅社区， 因佳兆业债务危机于2022年5月停 工。目前一期1-7号楼主体完工，已销售33套住宅。三期两栋楼竣工。评估报告显示，项目估值23.05亿元，起拍价仅12.91亿元，是拿地价4.2折，楼面价 约3331元/㎡，相当于 就算不讲建安等成本，5年就亏了18亿。 今年6月第二次以16.13亿元起拍但流拍。业内人士分析， 利润空间虽存，但市场信心不足 仍是成交最大障碍。 | 自贝 | 法元 | 公司 | 秋高 | 元 125 | 目行yri | WE 有准状管 | 流相用系 | | Q 标的物名称/地理位置/投行禁 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 。 惠州市惠城区鹿江沥南岸LJL-47-21地块的土地使用权及地上9幢建 ...

Group 1 - Hangzhou Urban Construction Development Group is involved in two major lawsuits with a total principal debt of 40 million yuan, with claims from CITIC Bank Hangzhou Branch [1] - Sichuan Blu-ray Development reported a net loss of 2.552 billion yuan for the first half of 2025, primarily due to operational losses and high financial costs, with total assets of 93.732 billion yuan and total liabilities of 144.27 billion yuan [2] - Sunac China has received approval from the Hong Kong court to hold a creditors' meeting for its offshore debt restructuring plan of 9.6 billion USD, with approximately 75% of creditors supporting the plan [3] Group 2 - Kaisa Group announced that its offshore debt restructuring plan has been fully effective, with a total of approximately 13.372 billion USD in new notes issued, achieving a debt reduction of about 8.6 billion USD [4] - Xinda Investment's subsidiary Chengdu Shengzhen has been ordered to bear joint repayment responsibility for a debt of 58.9424 million yuan, which is expected to reduce Xinda's pre-tax profit by 91.1569 million yuan [5] - Ronshine China was publicly reprimanded by the Shenzhen Stock Exchange for failing to disclose its 2024 annual report on time, but has since completed the necessary disclosures [6]

Group 1 - The core viewpoint is that the debt restructuring process for distressed real estate companies has entered a new phase, with significant progress observed in September 2025 [1][3][9] - Several companies, including CIFI Holdings, Kaisa Group, and R&F Properties, have achieved key breakthroughs in their debt restructuring efforts, indicating a positive trend [3][4] - As of August 2025, 20 distressed real estate companies have received approval for debt restructuring, with a total debt relief scale exceeding 1.2 trillion yuan [5][6][7] Group 2 - CIFI Holdings' restructuring plan was approved on September 15, 2025, with a cash repayment ratio increased to 20% and a debt extension period shortened to 7-8 years [3][6] - Kaisa Group's restructuring plan has come into effect, resulting in an estimated debt reduction of approximately 8.6 billion USD and an average debt extension of five years [3][6] - R&F Properties is actively advancing its debt restructuring, proposing a comprehensive plan that includes cash buybacks and asset disposals [3][6] Group 3 - The debt-to-equity swap has become a preferred method for many companies, reflecting its applicability and effectiveness in the current market environment [5][6] - A diversified approach to debt restructuring has emerged, with companies employing various strategies such as cash buybacks, debt extensions, and asset disposals [6][8] - The financial sector is supporting distressed companies through various channels, including asset management institutions and public REITs, which help reduce leverage and promote transformation [8][9] Group 4 - The market is showing signs of recovery, with policies aimed at stimulating buyer interest, leading to improved operational conditions for real estate companies [9][10] - The traditional peak sales season in September is expected to accelerate the pace of project launches in core cities, potentially boosting market activity [10]

Core Viewpoint - Kaisa Group has successfully completed the restructuring of its offshore debt, which has led to a significant increase in its stock price, although the company still faces operational challenges and declining revenues [1][2][3]. Debt Restructuring - Kaisa Group announced that all conditions for its offshore debt restructuring have been met, with the plan officially taking effect [1]. - The company has issued financial instruments totaling approximately $13.372 billion to qualified creditors, with plans to list these on the Singapore Exchange [3]. - The restructuring will result in a direct reduction of about $8.6 billion in debt and an average extension of the remaining debt's maturity by five years, alleviating immediate repayment pressures until the end of 2027 [3][4]. Financial Impact - The new notes have interest rates set between 5.00% and 6.25%, which is a reduction compared to Kaisa's historical offshore debt rates, potentially lowering interest expenses and creating room for profit recovery [4]. - Despite the restructuring, Kaisa's revenue has declined by over 31.8% year-on-year in the first half of the year, with a loss attributable to shareholders exceeding 10 billion yuan [6][7]. Market Context - The restructuring process took nearly four years and involved extensive negotiations with creditors, highlighting the challenges faced by Kaisa in its financial recovery [5][6]. - The company’s asset disposal efforts have faced obstacles, as evidenced by the failed auction of a significant property asset, which was intended to help improve liquidity [7]. Future Outlook - Analysts suggest that while the restructuring provides Kaisa with a temporary reprieve, the company must demonstrate the ability to generate positive cash flow and profitability to truly "get back on track" [2][8]. - The success of Kaisa's restructuring will depend on its ability to execute the debt conversion plan and improve its financial health through new business initiatives [6][8].

Core Viewpoint - The debt restructuring process for distressed real estate companies has entered a new phase, with significant progress observed in September 2025, indicating a more organized approach to risk mitigation in the industry [1][3][9]. Group 1: Debt Restructuring Progress - Several distressed real estate companies, including CIFI Holdings, Kaisa Group, and R&F Properties, have made key advancements in their debt restructuring efforts, showcasing a trend of accelerated progress [3][4]. - CIFI Holdings' restructuring plan, involving a total of approximately 10.06 billion yuan, was approved by bondholders on September 15, 2025, with cash repayment ratios increased to 20% and asset-backed repayment ratios raised to 40 [2][3]. - Kaisa Group's restructuring plan has officially taken effect, aiming to reduce debt by approximately 8.6 billion USD, with an average extension of five years for debt repayment [3][6]. Group 2: Industry-Wide Debt Relief - As of August 2025, 20 distressed real estate companies have received approval for their debt restructuring plans, with a total debt relief scale exceeding 1.2 trillion yuan [6][7]. - The successful debt relief efforts are expected to reduce market uncertainties, stabilize buyer expectations, and promote transaction activity, ultimately contributing to long-term market stability [4][9]. Group 3: Diverse Debt Relief Strategies - The restructuring plans of various companies indicate a preference for debt-to-equity swaps, with firms like Longfor Group and Country Garden employing this method, reflecting its effectiveness in the current market environment [5][7]. - Other strategies such as cash buybacks, debt extensions, and asset disposals are also widely utilized, showcasing a diversified approach to debt relief [5][7]. Group 4: Financial Support and Market Conditions - Financial institutions are actively supporting distressed real estate companies through various channels, including asset management firms facilitating the disposal of non-performing assets [8]. - Public REITs are emerging as a crucial tool for real estate companies to reduce leverage and transition towards lighter asset operations, fostering a positive cycle of asset revitalization and reinvestment [8]. - Recent policy adjustments, such as relaxed purchase restrictions and reduced down payment ratios, are expected to stimulate buyer interest and improve the operational conditions for real estate companies [9].