Group 1: Debt Restructuring and Financial Status - China South City Holdings Limited is in discussions with major creditors for a comprehensive debt restructuring, with key terms expected to be negotiated until January 2026 [1] - The company must meet the Hong Kong Stock Exchange's resumption guidelines by February 10, 2027, to avoid delisting risks [1] - Kaisa Group has extended the consent solicitation deadline for six outstanding US dollar notes to December 28, 2025, amid financial difficulties, with total assets reported at 202.641 billion and total liabilities at 244.449 billion as of October 1, 2025 [2] Group 2: Legal Issues and Financial Challenges - Guangzhou R&F Properties has reported 14 new enforcement cases, primarily due to violations of property reporting regulations, with amounts involved including 0.9224 million, 0.29151 million, and 1.31603 million [2] - Anhui Construction Group has disclosed 14 litigation cases totaling 859 million, mainly related to construction contract disputes, with ongoing first-instance trials [3] - Fujian Sunshine Group has faced 9 new major lawsuits and has had 50 million yuan in educational equity frozen, while Sunshine City Group is subject to enforcement of 746.2 million yuan [4]

Core Viewpoint - South China City Holdings Limited is undergoing a significant debt restructuring process amid severe financial distress, with a critical decision point set for the end of March 2026 to assess the feasibility of the restructuring plan [2][3][4]. Group 1: Debt Restructuring Progress - The company has signed confidentiality agreements with several major creditors to negotiate key terms of the overall debt restructuring since the last announcement on November 10, 2025 [2]. - A timeline has been established by the liquidators, with discussions on key restructuring terms expected to continue until January 2026, and a complete restructuring plan to be published in the first quarter of 2026 [2][3]. - The restructuring process is tightly linked to the deadline for resuming trading on February 10, 2027, with the liquidators aiming to secure sufficient creditor support by the end of March 2026 [3][5]. Group 2: Financial Condition - As of the end of 2024, the company reported a net loss attributable to shareholders of HKD 8.986 billion, with HKD 15.742 billion in loans in default [4]. - The company's cash and cash equivalents stood at only HKD 41.14 million, insufficient to cover its immediate debts, with total liabilities amounting to HKD 60.944 billion, including HKD 30.22 billion in interest-bearing debt [4][5]. - The company faces a significant short-term liquidity crisis, with current liabilities exceeding current assets by HKD 2.848 billion [4][5]. Group 3: Challenges and Considerations - The debt repayment arrangement requires over 75% approval from creditors based on the value of their debts, necessitating broad support due to the complex debt structure involving various jurisdictions and financial instruments [5]. - Maintaining the company's listing status is deemed essential for the success of the restructuring, as it preserves legal avenues for future operations [5][6]. - The restructuring process reflects systemic risks in the real estate and related industries, highlighting the potential for liquidity crises even among large asset-holding companies [6].

停牌4个月后，华南城于12月18日披露债务重组最新动态并明确复牌时限，股份继续停牌。 不过公告提示，上述时间表受多重因素制约。其一，重组需依据香港《公司条例》（第622章）第670条 提出债务偿还安排，该计划的筹备、启动及完成至少需六至九个月；其二，重组方案需满足法定生效条 件，即每个类别债权人会议中，出席且投票的债权人需过半数支持，且支持债权人所持债务价值不低于 该类别总价值的75%，方可获法院认可；其三，若公司上市地位被取消，债权人及持份者的支持意愿可 能大幅下降，若未能在复牌指引期限前完成重组，相关计划将不再具备可行性。 据悉，华南城的债务危机已持续多时。今年8月11日，公司公告股份于当日上午10时55分起停牌，停牌 前股价报0.107港元/股，市值12.24亿港元；同日香港法院下达清盘令，使其成为继中国恒大后规模最大 的内房清盘案。 此前，华南城2022年引入国资深圳市特区建发集团（持股29.28%）纾困未果，2023年起陷入现金流危 机，2024年，华南城录得了上市以来的首次大额亏损，根据华南城的年报，截至去年底，华南城负债总 额约为609亿港元。该清盘呈请由债权人花旗国际提出，它是华南城美元债的信 ...

Core Viewpoint - The company, South China City (01668), is in the process of negotiating a comprehensive debt restructuring with key creditors and stakeholders, having signed confidentiality agreements to facilitate discussions [1] Group 1: Debt Restructuring Process - The company must maintain its listing status to successfully complete the debt restructuring, addressing issues that led to the suspension of trading and complying with resumption guidelines [1] - The deadline for resuming trading is set for February 10, 2027, and if the company fails to meet this deadline, the stock exchange may cancel its listing [1] - The liquidators are under pressure to determine if there is sufficient support from creditors and stakeholders to advance the debt restructuring [2] Group 2: Timeline and Requirements - The proposed timeline for the debt restructuring is influenced by several factors, including the need to submit a debt repayment arrangement under the Companies Ordinance [2] - The preparation, initiation, and completion of the restructuring plan are expected to take at least six to nine months [2] - The liquidators will assess the feasibility of the restructuring based on the number of creditors signing the restructuring support agreement and the total debt amount held by them, requiring at least 75% support from creditors present at meetings to be court-approved [2] Group 3: Encouragement for Stakeholder Engagement - The company encourages creditors and stakeholders to actively engage with the liquidators regarding the debt restructuring and to provide feedback or suggestions [3]

Core Viewpoint - The company, South China City (01668), is in the process of negotiating key terms for a comprehensive debt restructuring with several major creditors and stakeholders, having signed confidentiality agreements to facilitate these discussions [1] Group 1: Debt Restructuring Process - The liquidators believe that maintaining the company's listing status is crucial for the success of the overall debt restructuring [1] - The company must remedy the issues that led to the suspension of trading, meet the resumption guidelines, and fully comply with listing rules to regain trading status within 18 months from the suspension date, which expires on February 10, 2027 [1] - The liquidators are under pressure to quickly determine if there is sufficient support from creditors and stakeholders to advance the debt restructuring [1] Group 2: Proposed Timeline and Conditions - The proposed timeline for the overall debt restructuring is influenced by several factors, including the need to submit a debt repayment arrangement under the Companies Ordinance (Chapter 622) Section 670 [1] - The preparation, initiation, and completion of the plan are expected to take at least six to nine months [1] - The liquidators will assess the feasibility of the debt restructuring based on the number of creditors signing the restructuring support agreement and the amount of debt they hold, requiring at least 75% support from creditors present at meetings to be court-approved [1] Group 3: Impact of Listing Status - The liquidators anticipate that if the company's listing status is canceled, the willingness of creditors and stakeholders to support the debt restructuring will significantly decrease [1] - If the overall debt restructuring is not completed before the resumption guidelines deadline, the restructuring plan will no longer be viable [1]

每经AI快讯，12月18日，华南城公告称，与主要债权人签订协议，以推进协商整体债务重组的关键条 款。 ...

Core Viewpoint - The company is in the process of negotiating a comprehensive debt restructuring with key creditors and stakeholders, with discussions ongoing since the announcement made on November 10, 2025 [1] Group 1: Debt Restructuring Process - The liquidators believe that maintaining the company's listing status is crucial for the success of the debt restructuring [1] - The company must remedy the issues that led to the suspension of trading and comply with the resumption guidelines within 18 months from the suspension date, which will expire on February 10, 2027 [1] - A timeline for the debt restructuring has been proposed, including key milestones such as discussing the main terms of the restructuring plan from November 2025 to January 2026, and determining creditor support by the end of March 2026 [1] Group 2: Factors Influencing Restructuring - The timeline for the proposed debt restructuring is influenced by several factors, including the need to submit a debt repayment arrangement under the Companies Ordinance [1] - The preparation, initiation, and completion of the plan are expected to take at least six to nine months [1] - The liquidators will assess the feasibility of the restructuring based on the number of creditors signing the restructuring support agreement and the total debt amount held by them [1] Group 3: Stakeholder Engagement - The company encourages creditors and stakeholders to actively engage with the liquidators regarding the debt restructuring discussions and proposals [2] - Feedback and suggestions from creditors and stakeholders are welcomed to facilitate the restructuring process [2]

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，概不就因本公佈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。 China South City Holdings Limited (In Liquidation) 華南城控股有限公司 (清盤中) ( 於香港註冊成立的有限公司 ) (股份代號: 1668) 自願性公告 及 繼續暫停買賣 | 重要工作事項 | 時間表 | | --- | --- | | 討論重組方案主要條款 | 2025年11月至約2026年1月 | | 發佈重組方案及重組支持協議書 | 2026年第一季度內 | | 清盤人判定是否具備足夠債權人及持份 者支持以推進整體債務重組 | 2026年3月底前 | | 啟動並實施整體債務重組(若適用) | 2026年6月至2027年1月 | | 復牌指引期限 | 2027年2月10日 | 擬定的整體債務重組的時間表受多項因素影響，包括： 本公告由華南城控股有限公司(清盤中）(「本公司」)以自願性質發布。 茲提述(i)本公司於2025年8月20日、2025年10 ...

致：香港交易及結算所有限公司 公司名稱: 華南城控股有限公司(清盤中) 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11月30日 狀態: 新提交 呈交日期: 2025年12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) | 01668 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 0 HKD | | 0 HKD | | | 0 | | 增加 / 減少 (-) | | | | 0 | | HKD | | | 0 | | 本月底結存 | | | | 0 HKD | | 0 HKD | | | 0 | 本月底法定/註冊股本總額： HKD 0 第 1 頁 共 10 頁 v 1.1.1 FF3 ...

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份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。 China South City Holdings Limited (In Liquidation) 華南城控股有限公司 (清盤中) ( 在香港註冊成立之有限公司 ) (股份代號：1668) 於2025年11月19日舉行之股東特別大會 投票表決結果 及 繼續暫停交易 茲提述華南城控股有限公司(清盤中)(「本公司」) 日期為2025年7月22日之通函(「該通函」)。除文 義另有所指外，本公告所用詞彙與該通函所界定者具有相同涵義。 在本公司於2025年11月19日舉行之股東特別大會(「股東特別大會」)上，載列於該通函及股東特別 大會通告內所建議之普通決議案第1(a)項已按股數投票表決方式獲得本公司之股東通過。表決結 果如下： | | 普通決議案 | 票數 | | | --- | --- | --- | --- | | | | （概約%） | | | | | 贊成 | 反對 | | 1(a) | 批准、追認及 ...