Group 1: Debt Restructuring Progress - In January 2026, several real estate companies, including Vanke, Road King, and Fantasia, reported significant progress in debt restructuring, continuing the trend from 2025 [1][3] - In 2025, 21 distressed real estate companies completed debt restructuring, with a total debt relief of approximately 1.2 trillion yuan [1][6] - The restructuring efforts are seen as a transition from addressing immediate liquidity crises to a more comprehensive resolution of debt risks in the real estate sector [5] Group 2: Policy Support and Financing Mechanisms - The "white list" financing system for real estate projects was optimized in January 2026, extending the loan extension period from 2.5 years to 5 years, providing companies with more financial flexibility [1][8] - The "white list" system has facilitated over 7 trillion yuan in loan approvals by September 2025, supporting nearly 20 million housing units [7] - The recent policy changes are expected to benefit financially healthier private real estate companies, allowing them to stabilize operations and diversify their business [9] Group 3: Specific Company Developments - Vanke announced a bond buyback plan on January 21, 2026, offering to repay 40% of the principal of certain bonds while extending the remaining 60% for one year, which was well-received by bondholders [3][4] - Fantasia's restructuring has entered a critical judicial phase, with the Hong Kong High Court approving a meeting for creditors to discuss the restructuring plan [4] - Jin Ke Co. completed a judicial restructuring in December 2025, involving a debt scale of 147 billion yuan, marking it as the largest case in the real estate sector [5]

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 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「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」 ...

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。 開曼法院現已將開曼召開聆訊押後至2026年1月23日上午九時四十五分 （東部標準時間）進行，並由原法官審理。 2 2. 聯絡資料 （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 ...

Group 1: Debt Restructuring Progress - The company has made significant progress in its debt restructuring efforts, with a court order from the Hong Kong High Court directing creditors to hold a meeting on February 20 to review the proposed restructuring plan [1] - The company is also advancing its offshore debt restructuring plan in the Cayman Islands, with a hearing scheduled for January 23 [1] - The initiation of the statutory review process for the restructuring plan marks the entry into the creditor voting phase, indicating a structured approach to resolving debt issues [1] Group 2: Sale of Stake in Color Life - The company announced the sale of 409 million shares of Color Life for approximately $4.5284 million (around 31.59 million RMB), resulting in a significant reduction in its ownership stake and loss of control over Color Life [2] - The sale price of HKD 0.087 per share represents a discount of about 48.82% compared to the market price at the time of the restructuring agreement [3] - The buyer of the shares is an entity controlled by the company's founder, indicating that while the company loses control, the shares remain within the founder's influence [4] Group 3: Resolution of Dispute with TFISF - The company resolved a long-standing debt dispute with TFISF by selling Color Life shares, which will be used to repay debts owed to TFISF [3] - The dispute began in 2021, with the company failing to repay a principal amount of $500 million, leading to TFISF's attempts to auction off shares held in trust [5] - The resolution is seen as a near "win-win" situation, allowing the founder to regain control of the shares while alleviating some of the company's debt issues [6] Group 4: Debt Extension and Restructuring - The company has received support for the extension of $4 billion in debt and multiple domestic bonds, with a court order facilitating the restructuring process [6] - The restructuring plan includes three repayment options, with the longest maturity extending to 2034 and interest rates reduced to around 3% [6] - A significant majority of creditors have agreed to the restructuring support agreement, indicating strong backing for the company's debt management strategy [7] Group 5: Financial Performance and Future Outlook - The company reported cumulative sales of 664 million RMB over the first 11 months of the previous year, indicating ongoing challenges in the market [6] - The recent debt restructuring efforts provide the company with an opportunity to stabilize its financial position and seek future growth in a volatile market environment [6]

Core Viewpoint - The company, Fantasia Holdings (01777.HK), is set to hold a meeting for creditors in Hong Kong to review and potentially approve a proposed arrangement plan under the Hong Kong Companies Ordinance [1] Group 1: Hong Kong Plan - The Hong Kong High Court has instructed a single meeting for creditors to discuss the proposed arrangement plan [1] - The Hong Kong plan meeting is scheduled for February 20, 2026, at 7 PM Hong Kong time [1] - Notice and related documents for the Hong Kong plan will be sent to creditors at least 21 days before the meeting [1] Group 2: Cayman Plan - The arrangement plan submitted in the Cayman Islands is scheduled for a hearing on January 23, 2026, at 9:30 AM Eastern Standard Time [1] - The company will issue further announcements regarding any orders made by the Cayman court after the hearing [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。 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） 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（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公 ...

Group 1 - Hong Kong real estate stocks are experiencing a strong rally, with New World Development (00017.HK) rising over 10% [1] - Zhengshang Industrial (00185.HK) has increased by more than 9% [1] - Other companies such as Fantasia Holdings (01777.HK) and Zhongliang Holdings (02772.HK) are also seeing gains [1]

Group 1 - The core viewpoint of the article is that Fantasia Holdings is undergoing an offshore debt restructuring process, with significant steps taken towards approval in the Cayman Islands [1] - On January 6, 2026, the company submitted a petition to the Grand Court of the Cayman Islands regarding the approval of the Cayman Plan [1] - A hearing for the Cayman Plan is scheduled for January 23, 2026, at 9:30 AM Eastern Standard Time, where the company will seek an order to convene a creditors' meeting for the Cayman Plan [1]

Core Viewpoint - The company, Fantasia Holdings (01777.HK), is planning a restructuring through a Hong Kong arrangement and potentially other jurisdictions, with a focus on a Cayman Islands plan to be proposed in early 2026 [1] Group 1: Restructuring Plans - The restructuring will be implemented according to the terms of a restructuring support agreement [1] - The company informed its creditor special committee on December 22, 2025, about the intention to propose a Cayman Islands arrangement plan in early January 2026 [1] - The creditor special committee formally agreed to initiate the Cayman plan on December 24, 2025, with conditions including a hearing no later than January 30, 2026 [1] Group 2: Legal Proceedings - On January 6, 2026, the company submitted an application to the Grand Court of the Cayman Islands regarding the approval of the Cayman plan [1] - A hearing for the Cayman plan is scheduled for January 23, 2026, at 9:30 AM (Eastern Standard Time) before Chief Justice Margaret Ramsay-Hale [1] - The hearing aims to seek an order to convene a creditors' meeting for the Cayman plan, expected to coincide with the Hong Kong plan meeting [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 1 花樣年控股集團有限公司（「本公司」，連同其附屬公司統稱「 ...