Market Overview - In the primary market, a total of 7 offshore bonds were issued by Chinese entities from October 6 to October 10, including 5 USD bonds and 2 HKD bonds, with issuance sizes of USD 1.7 million and HKD 500 million respectively. All bonds were issued via direct issuance [1] - The largest single issuance in the USD corporate bond market this week was USD 0.5 million by the International Finance Corporation, with the highest coupon rate at 4.5% also from the same issuer [1] Secondary Market Insights - The yield on Chinese USD bonds mostly increased this week. As of October 10, the Markit iBoxx Chinese USD bond composite index rose by 0.22% to 250.46, while the investment-grade USD bond index increased by 0.25% to 242.9. The high-yield USD bond index decreased by 0.05% to 245.55. The real estate USD bond index fell by 0.14% to 187.22, while the city investment USD bond index rose by 0.08% to 152.35, and the financial USD bond index increased by 0.12% to 290.03 [2] Benchmark Spread - As of October 10, the spread between the 10-year benchmark government bonds of China and the US narrowed to 228.02 basis points, a decrease of 8.47 basis points from the previous week [3] Domestic News - A one-stop account opening platform for foreign institutions in the interbank bond market was launched for trial operation on October 9, as per the People's Bank of China [5] - The Central Securities Depository and Clearing Company, in collaboration with the Interbank Lending Center, launched a centralized bond lending business, with 78 institutions participating in the first batch [6] - The Hong Kong government plans to issue HKD 16.75 billion and RMB 11 billion in bonds over the next six months, with a tentative schedule for six bidding sessions [7] Overseas News - Federal Reserve Governor Christopher Waller indicated support for further interest rate cuts but emphasized the need for caution due to mixed economic signals, suggesting a potential 25 basis point cut in each of the remaining two meetings this year [9] Offshore Debt Alerts - Fantasia Holdings announced that the hearing for its offshore debt restructuring plan is scheduled for January 16, 2026 [10] - Poly Developments announced that 4.512 billion shares will be transferred without compensation to Poly Group, making it the controlling shareholder [11] - Aoyuan Meigu's first temporary creditors' meeting is set to be held on October 25, 2025 [12]

Core Viewpoint - The strategic cooperation between Huayangnian Group and Shenzhen Meishu Cultural Tourism Group aims to revitalize and manage the Longqi Bay project, leveraging a multi-party collaboration model to enhance the cultural tourism real estate sector in the Greater Bay Area [2][3]. Group 1: Project Overview - The Longqi Bay project is located in Dapeng New District, Shenzhen, covering a total land area of approximately 40,000 square meters and a total construction area of about 38,000 square meters, with a plot ratio of 0.71 [2]. - The project was completed in September 2014 and has been under review for revitalization since August 2024, with multiple proposals presented to the local government [2]. Group 2: Strategic Cooperation - The cooperation involves a collaborative model that includes enterprises, creditors, industry associations, village groups, and professional operators to provide new pathways for asset revitalization and debt management in cultural tourism projects [2]. - Shenzhen Meishu Cultural Tourism Group will serve as the exclusive operator for the Longqi Bay project, responsible for daily maintenance, brand introduction, and operational management [2]. Group 3: Development and Operations - The project will integrate resources from local industry associations to introduce high-quality accommodations, dining options, and recreational facilities, creating a comprehensive coastal cultural tourism destination [3]. - The operational strategy includes phased debt resolution, starting with core areas and gradually developing supporting facilities to achieve positive cash flow and address existing asset issues [3].

Group 1 - The Federal Reserve's September meeting minutes indicate that most officials believe further rate cuts are appropriate for the remainder of the year, while also emphasizing that inflation risks remain tilted to the upside, reflecting a cautious stance on monetary policy [2] - The latest forecasts show that, on a median basis, Fed officials expect two more 25 basis point rate cuts this year, but there are significant divisions within the committee, with 6 out of 19 participants expecting only one rate cut or no cuts at all in 2025 [2] - Despite rising risks in the labor market, most officials do not anticipate a sharp decline in employment, noting that recent indicators have not shown significant deterioration in labor market conditions [2] Group 2 - Market expectations reflected in federal funds futures suggest that investors widely anticipate rate cuts from the Fed in October and December [2] - The meeting occurred two weeks before a potential government shutdown, which has led to the suspension of key economic data releases [2] Group 3 - As of October 9, the yield on China's two-year government bonds is 1.49%, while the ten-year yield is 1.85%. In the U.S., the two-year yield rose by 1 basis point to 3.58%, and the ten-year yield fell by 1 basis point to 4.13% [6] - HSBC and Hang Seng Bank announced a proposal to privatize Hang Seng Bank through an arrangement under company law [6] - Fantasia Holdings reported that 84.54% of its existing notes and 77.33% of its total outstanding debt have been signed or effectively joined the restructuring support agreement, marking a significant milestone in its restructuring process [6]

Core Viewpoint - The company, Fantasia Holdings, has disclosed an update regarding its proposed offshore debt restructuring, indicating a significant step towards addressing its financial obligations [1] Group 1 - On October 8, the company submitted an original writ to the High Court of the Hong Kong Special Administrative Region in accordance with the terms of the restructuring support agreement [1] - A hearing for the Hong Kong plan is scheduled for January 16, 2026, at 10:00 AM (Hong Kong time) [1] - The hearing will seek a court order to convene a meeting of creditors to consider and potentially approve the Hong Kong plan, regardless of any amendments [1]

Core Viewpoint - The company, Fantasia Holdings (01777), has announced a proposed restructuring plan to be implemented through a scheme in Hong Kong and/or other jurisdictions deemed necessary or appropriate under the terms of the restructuring support agreement [1] Group 1: Restructuring Plan - The company submitted a petition to the High Court of the Hong Kong Special Administrative Region on October 8, 2025, in accordance with the terms of the restructuring support agreement [1] - A hearing for the Hong Kong scheme is scheduled for January 16, 2026, at 10:00 AM (Hong Kong time) [1] - During the hearing, the company will seek a court order to convene a meeting of scheme creditors to consider and potentially approve the Hong Kong scheme, with or without modifications [1]

Core Viewpoint - The company, Fantasia Holdings (01777), has announced a restructuring plan to be implemented through a scheme in Hong Kong and potentially other jurisdictions as deemed necessary or appropriate under the terms of the restructuring support agreement [1] Group 1: Restructuring Plan - The company plans to submit an original writ to the High Court of the Hong Kong Special Administrative Region on October 8, 2025, in accordance with the terms of the restructuring support agreement [1] - A hearing for the Hong Kong scheme is scheduled for January 16, 2026, at 10:00 AM Hong Kong time, where the company will seek a court order to convene a meeting of scheme creditors to consider and potentially approve the Hong Kong scheme, with or without modifications [1]

格隆汇10月8日丨花样年控股(01777.HK)公告，建议重组将透过香港的安排计划("香港计划")及╱或被公 司视为可能属必要或合适的任何司法权区的有关其他同等程序根据重组支持协议的条款实施。于2025年 10月8日，公司根据据重组支持协议的条款向香港特别行政区高等法院提交原诉传票。有关香港计划的 召开聆讯定于2026年1月16日上午十时正(香港时间)于法院进行。聆讯上将向法院寻求颁令就计划债权 人召开计划会议，以考虑及酌情批准(不论有否修订)香港计划。 ...

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。 本公告僅供參考，並不構成提呈收購、購買或認購本公司證券之邀請或要約。 於美國或任何其他根據任何有關司法權區證券法例登記或合資格前作出有關 提呈、招攬或出售則屬不合法的司法權區，本公告並非亦不構成提呈購買或 出售或招攬購買或出售任何證券的要約的任何部分。本公告提及的證券並無 且將不會根據1933年美國證券法登記，倘無登記或獲豁免登記，則不得在美國 境內提呈、出售或以其他方式轉讓。於美國公開發售任何證券將須以招股章 程形式作出，該招股章程可向本公司索取，並將載有關於本公司及管理層以 及財務報表的詳細資料。本公司無意於美國登記本公告所述任何發售的任何 部分。 Fantasia Holdings Group Co., Limited 花樣年控股集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代 號：1777） 內幕消息 建議境外債務重組更新 花樣年控股集團有限公司（「本公司」，連同其附屬公司統稱「本集 ...

Core Viewpoint - The announcement by Fantasia Holdings Group Limited regarding its offshore debt restructuring indicates significant creditor support, which is expected to alleviate short-term repayment pressures and enhance the company's financial stability [1] Group 1: Debt Restructuring Details - As of October 3, 2025, approximately 84.54% of the company's existing noteholders and about 77.33% of the total outstanding debt instruments have formally signed or effectively joined the restructuring support agreement [1] - The restructuring plan aims to optimize the debt structure and extend maturity dates, thereby creating ample space for operational recovery and business transformation [1] Group 2: Implications for the Company - The successful restructuring is anticipated to significantly strengthen the company's balance sheet and improve financial robustness, ultimately safeguarding the long-term interests of all stakeholders [1] - The founder of Fantasia Holdings, Zeng Baobao, emphasized that the restructuring is not an endpoint but a new starting point, aiming to accelerate the implementation of the restructuring plan and inject new vitality into sustainable development [1]

Core Viewpoint - The company has achieved a significant milestone in its proposed restructuring, with 84.54% of existing noteholders and 77.33% of total outstanding principal amount of existing debt instruments formally signing or effectively joining the restructuring support agreement [1] Group 1 - The restructuring is expected to strengthen and optimize the company's balance sheet, providing a longer maturity profile and creating maximum value for all stakeholders [1] - The company expresses gratitude for the strong support received so far and is committed to working closely with its advisors and participating creditors to implement the proposed restructuring according to the terms of the support agreement [1]