这是融创未来金融城第二次法拍，此前的10月13日，北京市第二中级人民法院将66套住宅房源摆上货架，平均起拍单价约4.84万元/平方米，相当于评估 价的七折。最终，42套房源顺利成交，竞争最激烈的一套出价达到39轮。此次挂牌的21套房则是在第一次拍卖的基础上再打八折，起拍单价约3.8万元/平 方米。 一位接近融创上海公司的人士告诉每经记者，相较于2021年开盘，此次挂牌价已非常优惠，是这次法拍被数万人围观的原因之一。 12月25日，京东资产交易平台挂牌浦东新区夏榕路58弄的21套房产，其中7套当日进行拍卖，另外14套将分别于12月30日和2026年1月6日拍卖。 《每日经济新闻》记者（以下简称每经记者）注意到，这21套法拍房的关注度都比较高，有的房源吸引了3.4万余人围观，54人缴纳保证金报名参拍。截 至发稿，热度最高的房源已有34次报价。 这批法拍房来自浦东新区唐镇板块的超级大盘融创未来金融城，楼市火热的2021年，新房销售即开即罄。 然而，受债务压力影响，项目公司被法院强制执行，连同上述房产在内的共计66套住宅被挂牌拍卖。 "挂牌价已非常优惠" 每经记者梳理发现，当日被法拍的7套房产，面积均约90平方米，单 ...

每经记者｜刘颂辉 每经编辑｜何小桃 陈梦妤 图片来源：京东资产平台 12月25日，京东资产交易平台挂牌浦东新区夏榕路58弄的21套房产，其中7套当日进行拍卖，另外14套将分别于12月30日和2026年1月6日拍卖。 《每日经济新闻》记者（以下简称每经记者）注意到，这21套法拍房的关注度都比较高，有的房源吸引了3.4万余人围观，54人缴纳保证金报名参拍。截 至发稿，热度最高的房源已有34次报价。 这批法拍房来自浦东新区唐镇板块的超级大盘融创未来金融城，楼市火热的2021年，新房销售即开即罄。 然而，受债务压力影响，项目公司被法院强制执行，连同上述房产在内的共计66套住宅被挂牌拍卖。 "挂牌价已非常优惠" 每经记者梳理发现，当日被法拍的7套房产，面积均约90平方米，单套评估价595万～637万元，起拍价340万元左右。 法拍信息显示，所有房产无一例外均已超过起拍价，围观人数均过万。从现场照片来看，所有房源处于全新、未入住状态，房门、地板、墙砖、橱柜和吊 顶等室内装修完好。 公开数据显示，2021年，融创未来金融城在两批次开盘出现"千人摇号"场景后，第三次开盘依然吸引了1216组购房家庭，全部触发积分制，开盘即销售 ...

12月25日，京东资产交易平台挂牌浦东新区夏榕路58弄的21套房产，其中7套当日进行拍卖，另外14套将分别于12月30日和 2026年1月6日拍卖。 《每日经济新闻》记者（以下简称每经记者）注意到，这21套法拍房的关注度都比较高，有的房源吸引了3.4万余人围观， 54人缴纳保证金报名参拍。截至发稿，热度最高的房源已有34次报价。 这批法拍房来自浦东新区唐镇板块的超级大盘融创未来金融城，楼市火热的2021年，新房销售即开即罄。 然而，受债务压力影响，项目公司被法院强制执行，连同上述房产在内的共计66套住宅被挂牌拍卖。 腾退及交付时间不确定 时间回到2021年的上海楼市，融创未来金融城凭借张江科创板块加持，红极一时。项目规划面积109万平方米，分为多个地 块开发，2021年首开，直至2024年收官；房价则由首次开盘的6.8万元/平方米，一度涨到7.5万元/平方米。 公开数据显示，2021年，融创未来金融城在两批次开盘出现"千人摇号"场景后，第三次开盘依然吸引了1216组购房家庭， 全部触发积分制，开盘即销售一空。 "挂牌价已非常优惠" 每经记者梳理发现，当日被法拍的7套房产，面积均约90平方米，单套评估价595万 ...

Group 1: Monetary Policy and Market Operations - The People's Bank of China (PBOC) held its 111th monetary policy committee meeting on December 18, 2025, discussing the integration of incremental and stock policies to enhance monetary policy effectiveness and maintain liquidity [2] - On December 24, the PBOC announced a 400 billion yuan Medium-term Lending Facility (MLF) operation to ensure ample liquidity in the banking system, marking the 10th consecutive month of increased MLF operations [3] - The PBOC and eight other departments issued guidelines to support the high-quality development of the Western Land-Sea New Corridor, proposing 21 key measures to enhance financial collaboration and innovation [3] Group 2: Real Estate Policy Adjustments - Beijing's housing policy was adjusted to allow non-resident families to purchase homes within the Fifth Ring Road after paying social insurance or income tax for at least two years, and for homes outside the Fifth Ring Road for at least one year [5] - Families with two or more children can buy an additional home within the Fifth Ring Road under the existing housing purchase restrictions [5] Group 3: Employment and Economic Indicators - The U.S. Department of Labor reported that initial jobless claims fell to 214,000, indicating a stable labor market, while continuing claims rose to 1.923 million, exceeding expectations [6] - Consumer confidence index in the U.S. has declined for five consecutive months, reflecting concerns about the job market, which may impact future consumer spending [6] Group 4: Bond Market Dynamics - The bond market experienced fluctuations, with the yield on the 10-year government bond remaining stable at 1.8350% and the 10-year policy bank bond yield decreasing by 0.05 basis points to 1.8975% [12] - On December 24, the secondary market saw significant movements, with a notable increase in the price of the "22 Vanke 04" industrial bond by over 18% [13] Group 5: Convertible Bonds and Equity Market - The convertible bond market saw major indices rise, with the China Convertible Bond Index increasing by 0.71% and trading volume reaching 758.99 billion yuan, up by 45.67 billion yuan from the previous day [22] - The A-share market also experienced gains, with the Shanghai Composite Index rising by 0.53%, supported by strong performances in the aerospace and semiconductor sectors [22] Group 6: International Bond Market - U.S. Treasury yields generally declined, with the 2-year yield down by 1 basis point to 3.47% and the 10-year yield down by 3 basis points to 4.15% [25] - In the European bond market, the 10-year government bond yields showed mixed trends, with France's yield increasing by 1 basis point while Spain's decreased by 1 basis point [28]

华夏时报记者 张蓓 见习记者 黄指南 深圳报道 美元债重组落实消息如期而至，融创成为行业内首家完成境内、境外债务全部重组的房企。 12月23日晚，融创中国（下称融创）（01918.HK）在港交所公告，全面境外债务重组的所有先决条件均已达成， 重组生效日期已落实，其约96亿美元的现有债务已获全面解除及免除。 融创在公告中坦言，全面完成境外债务重组，不仅化解公司债务风险、优化资本结构，更借股权与团队稳定计划 稳固信心，为境内项目风险化解、资产盘活提供支撑，助力地产开发板块信用与经营逐步修复。 来源：@华夏时报微博 对融创而言，重组使其渡过至暗时刻，但债务枷锁卸下不代表驶入安全水域。在行业深度调整背景下，如何推动 主业重回盈利轨道，实现从"活下来"到"活得好"的跨越，依旧待解。 爬上岸 房地产行业的流动性困局仍在持续发酵，孙宏斌与他掌舵的融创，再次被推至聚光灯中央。 在当下房企化债攻坚的深水区，"上岸"二字，早已超越商业叙事的范畴，成为衡量企业生死线的核心标尺。 96亿美元债务清零，不是一次简单的化债，而是孙宏斌向命运发起的又一次堂吉诃德式冲锋。 一位金融机构地产分析师向本报记者分享道，超90亿美元规模的境外债务清 ...

Core Viewpoint - The company has successfully completed a comprehensive offshore debt restructuring, which has resolved its debt risks and significantly reduced its overall repayment pressure by nearly 60 billion yuan [1] Group 1: Debt Restructuring - The company announced that approximately 9.6 billion USD of existing debt has been fully released and waived [1] - All preconditions for the comprehensive offshore debt restructuring have been met, with the effective date of the restructuring being December 23 [1] - The company issued mandatory convertible bonds totaling approximately 9.659 billion USD as part of the restructuring, with 7.259 billion USD for bond 1 and 2.4 billion USD for bond 2 [1] Group 2: Market Impact - Despite the completion of the debt restructuring, the company's stock price has dropped over 40% this year [1] - The company has also completed a restructuring of 15.4 billion yuan of domestic public bonds prior to the offshore restructuring [1] - The global certificates for various existing debt instruments are currently in the process of being canceled [1]

Core Viewpoint - Sunac China has successfully completed a comprehensive restructuring of its offshore debt, amounting to approximately $9.6 billion, marking it as the first major real estate company to achieve full debt restructuring both domestically and internationally, thereby alleviating its debt risks and stabilizing its capital structure [3][4][5]. Group 1: Debt Restructuring Details - The offshore debt restructuring plan was officially effective as of December 23, with nearly 600 billion yuan of debt being reduced, significantly mitigating the company's debt risks [3]. - The restructuring involved the issuance of two types of new mandatory convertible bonds (MCBs) with conversion prices set at HKD 6.80 and HKD 3.85, allowing for conversion within specified timeframes [6]. - A "shareholding stability plan" was introduced to maintain the major shareholders' equity ratio, preventing excessive dilution of shares [6]. Group 2: Company Background and Challenges - Sunac China faced a cash flow crisis starting in 2021, leading to public debt defaults in the first half of 2022, prompting the company to engage in debt restructuring efforts [4][5]. - The company had previously completed a domestic debt extension of 16 billion yuan in January 2023 and a $10 billion offshore debt restructuring in November 2023 [4][5]. - Despite the restructuring, the company still faces challenges in restoring its operational performance and managing its asset-liability structure [11]. Group 3: Industry Context and Future Outlook - As of now, 21 distressed real estate companies have completed debt restructuring, with a total debt reduction of approximately 1.2 trillion yuan, indicating a broader trend of risk clearance in the real estate sector [3][11]. - The Central Economic Work Conference has identified real estate as a key area for risk resolution in the coming year, with expectations that 2026 will be a critical year for clearing corporate risks [11]. - The industry is witnessing a shift towards lighter asset management strategies, such as property management and asset management, as companies aim to recover from their financial difficulties [11].

Core Viewpoint - Sunac China has successfully completed its offshore debt restructuring plan, resulting in the full release or waiver of approximately $9.6 billion in debt, marking it as the first large real estate company to achieve comprehensive debt restructuring both domestically and internationally [1][5]. Group 1: Debt Restructuring Details - The total debt reduction amounts to nearly 60 billion yuan, effectively eliminating the debt risk at the listed company level [1]. - The offshore debt restructuring plan was approved by 98.5% of creditors, with a support rate of 94.5% for the debt amount, significantly exceeding the required 75% threshold [6]. - The restructuring involved issuing two types of new mandatory convertible bonds (MCB) to creditors, with conversion prices set at 6.80 HKD and 3.85 HKD per share, respectively [5][6]. Group 2: Company Leadership and Market Signals - Sunac's chairman, Sun Hongbin, has made public appearances twice this year, signaling positive developments in the company's debt restructuring efforts [6]. - The company aims to focus more on project-level risk resolution and asset revitalization following the completion of the debt restructuring [6]. Group 3: Industry Context and Future Outlook - As of now, 21 distressed real estate companies have completed debt restructuring or reorganization, with a total debt reduction scale of approximately 1.2 trillion yuan [1][10]. - The real estate sector is expected to see accelerated risk clearance, with 2026 projected as a critical year for corporate risk resolution [10]. - Despite the completion of debt restructuring, companies still face pressure to adjust their balance sheets and revive operations in a challenging market environment [10].

Core Viewpoint - Sunac China has successfully completed the restructuring of its offshore debt, marking a significant milestone in mitigating its debt risks and establishing a sustainable capital structure [1][5]. Group 1: Debt Restructuring Process - Sunac announced that all preconditions for the comprehensive offshore debt restructuring have been met, with the effective date set for December 23, 2025, resulting in the full release of approximately $9.6 billion in existing debt [1][2]. - The restructuring plan involves issuing two types of mandatory convertible bonds to creditors, with the first bond having a conversion price of HKD 6.8 per share and the second at HKD 3.85 per share [2][4]. - By June 2025, approximately 75% of the creditors had agreed to the restructuring plan, meeting the necessary voting threshold for court approval [3][5]. Group 2: Market and Industry Context - The successful restructuring of Sunac is part of a broader trend in the real estate industry, where multiple companies are actively pursuing debt restructuring amid increasing policy support [7][8]. - As of October 2025, 21 distressed real estate companies have completed debt restructuring, significantly reducing the industry's short-term debt repayment pressure [8]. - The restructuring of Sunac is expected to decrease its overall debt pressure by nearly RMB 100 billion, leading to substantial annual interest savings and improved financial health [8][9]. Group 3: Operational Challenges and Future Outlook - Despite the successful debt restructuring, Sunac still faces significant operational challenges, including a decline in contract sales and revenue, with a reported net loss of RMB 12.81 billion in the first half of 2025 [10]. - The company holds a substantial land reserve of 12.4 million square meters, primarily located in first- and second-tier cities, which provides a competitive advantage for future sales [10]. - Accelerating the liquidation of existing projects and revitalizing remaining assets are critical for Sunac's operational recovery moving forward [10].

Core Viewpoint - The completion of Sunac China's debt restructuring marks a significant milestone in the real estate sector, indicating a potential turning point for the industry as it moves towards risk clearance in 2026 [1][9]. Group 1: Debt Restructuring - Sunac China announced the effectiveness of its offshore debt restructuring plan, resulting in the comprehensive release or waiver of approximately $9.6 billion in debt [1]. - The company has completed both domestic and offshore debt restructuring, becoming the first large real estate enterprise to achieve this [1]. - The total debt reduction amounts to nearly 60 billion yuan, effectively alleviating the company's debt risk at the listed company level [1]. Group 2: Industry Trends - As of now, 21 distressed real estate companies have completed debt restructuring or reorganization, with a total debt reduction scale of approximately 1.2 trillion yuan [8]. - The acceleration of debt restructuring among real estate firms is expected to facilitate the overall risk clearance process in the sector [9]. - The central economic work conference has identified real estate as a key area for risk resolution in the coming year [8]. Group 3: Future Outlook - Sunac's chairman, Sun Hongbin, has made public appearances signaling positive developments in the company's debt resolution efforts [5][6]. - The focus will shift towards project-level risk resolution and asset revitalization, with a total land reserve of over 124 million square meters, primarily in core first- and second-tier cities [4]. - The industry is expected to face ongoing challenges in project revitalization and operational recovery despite the completion of debt restructuring [9].