格隆汇9月15日｜融创中国(1918.HK)发布公告，今日香港最高法院指示，计划债权人会议将于2025年10 月14日上午十一时（香港时间）召开，另外将于2025年11月5日上午十时正（香港时间）在高等法院召 开呈请实质聆讯，以裁定是否批准计划。 ...

融创中国(01918)发布公告，有关(其中包括)本公司的境外债务重组的相关事宜。于2025年9月15日进行 的召集聆讯上，高等法院指示：(1)计划债权人的会议将予以召开，以考虑及酌情批准本公司与计划债 权人订立的计划安排(无论是否有修订)(计划会议)。计划会议的召开时间定于2025年10月14日上午11时 正(香港时间)，除非于计划会议中宣布任何续会;及(2)于2025年11月5日上午十时正(香港时间)在高等法 院召开呈请实质聆讯，以裁定是否批准计划。 ...

智通财经APP讯，融创中国(01918)发布公告，有关(其中包括)本公司的境外债务重组的相关事宜。于 2025年9月15日进行的召集聆讯上，高等法院指示： (1) 计划债权人的会议将予以召开，以考虑及酌情 批准本公司与计划债权人订立的计划安排(无论是否有修订)(计划会议)。计划会议的召开时间定于2025 年10月14日上午11时正(香港时间)，除非于计划会议中宣布任何续会;及(2) 于2025年11月5日上午十时正 (香港时间)在高等法院召开呈请实质聆讯，以裁定是否批准计划。 ...

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。 本公告及其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司法權區刊 發或派發。 茲提述融創中國控股有限公司（「本公司」）日期為2025年4月17日、2025年5月13日、 2025年5月26日、2025年6月6日、2025年6月24日、2025年8月18日及2025年9月 9日之公告（統稱「該等公告」）及本公司日期為2025年8月22日的通函，內容有關（其 中包括）本公司的境外債務重組。除非另有界定，否則本公告所用詞彙與該等公告所 界定者具有相同涵義。 本公司宣佈，於2025年9月15日進行的召集聆訊上，高等法院指示： – 1 – (1) 計劃債權人的會議將予以召開，以考慮及酌情批准本公司與計劃債權人訂立的 計劃安排（無論是否有修訂）（「計劃會議」）。計劃會議的召開時間定於2025年10 月14日上午十一時正（香港時間），除非於計劃會議中宣佈任何續會；及 (2) 於2025年11月 ...

Core Viewpoint - The Chinese real estate sector is experiencing a collective decline, with significant drops in stock prices for major companies, driven by negative investment and sales data released by the National Bureau of Statistics [1] Group 1: Market Performance - Major real estate stocks such as Shimao Group, Zhongliang Holdings, Sunac China, and China Overseas Grand Oceans have seen declines of 4.71%, 3.41%, 3.21%, and 3.07% respectively [1] - As of the end of August, the total investment in real estate development reached 60,309 billion yuan, reflecting a year-on-year decrease of 12.9% [1] Group 2: Sales Data - From January to August, the sales area of new commercial housing was 57,304 million square meters, down 4.7% year-on-year, with residential sales area also decreasing by 4.7% [1] - The sales revenue for new commercial housing was 55,015 billion yuan, a decline of 7.3%, with residential sales revenue dropping by 7.0% [1] Group 3: Inventory and Market Dynamics - As of the end of August, the unsold inventory of commercial housing was 76,169 million square meters, which is a reduction of 3.17 million square meters compared to the end of July [1] - The report from CMB International indicates that the overall supply and demand in the housing market remain weak, with increasing differentiation between cities and projects [1] Group 4: Policy Impact and Future Outlook - August saw a focus on policies related to housing provident funds and easing restrictions, aimed at stimulating market activity [1] - The expectation for September is a traditional peak marketing season, where real estate companies may accelerate their sales efforts and increase discounts, particularly in core first-tier cities where favorable policies are being introduced [1]

Group 1 - The overall performance of the domestic real estate stocks has declined, with notable drops in companies such as Shimao Group down 4.71% and China Overseas Macro Group down 3.07% [1] - National Bureau of Statistics reported that from January to August, real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [1] - New residential sales area decreased by 4.7% to 57,304 million square meters, while the sales amount fell by 7.0% to 55,015 billion yuan [1] Group 2 - The real estate market remains soft due to prolonged hot weather, with increasing differentiation between cities and projects [2] - Recent policies aimed at stimulating the market include expanding the use of housing provident funds and relaxing purchase restrictions [2] - A traditional marketing peak is expected in September, with opportunities for real estate companies to accelerate project launches and increase discount offerings [2]

Core Viewpoint - The financial reports of listed real estate companies for the first half of 2025 reflect a new industry landscape, indicating a shift from "scale competition" to "steady operation" as the industry remains in a deep adjustment phase [1] Group 1: Revenue Performance - Only two companies, Poly Developments and Vanke, entered the "billion revenue club" with revenues of 116.9 billion and 105.3 billion respectively [4] - Half of the listed companies experienced revenue declines, with Shimao Group and Sunac China seeing declines close to 50% [1][11] - The average revenue growth rate for the 20 companies was only 7.72%, indicating weak growth overall [2][4] Group 2: Revenue Breakdown - The first tier includes only Poly and Vanke, while the second tier consists of seven companies with revenues between 50 billion and 100 billion, including China Resources Land and Greenland Holdings [5] - The third tier includes 11 companies with revenues below 50 billion, featuring regional leaders and companies that have faced debt crises, such as Sunac China and Shimao Group [6] Group 3: Divergence in Growth - Significant divergence in revenue growth is evident, with China Resources Land achieving nearly 20% growth while Poly and Vanke saw declines of 16.08% and 26.20% respectively [7] - Some mid-sized companies, like Binhai Group and Yuexiu Property, achieved growth rates exceeding 30%, with Binhai Group's growth at 87.8% and Shoukai's at 105.19% [8][10] Group 4: Challenges and Transformation - State-owned and central enterprises demonstrated stronger risk resistance, with stable revenues and lower declines compared to private companies [12][13] - Private companies, except for a few like Longfor Group and Binhai Group, continue to face significant pressures, with many experiencing revenue declines over 25% [14] - Companies are increasingly focusing on "second growth curves" through asset-light transformations and non-development businesses to drive revenue [14][16] Group 5: Future Outlook - The industry is entering a new development phase characterized by declining scale and slower speed, necessitating improved financial management and debt structure optimization [16] - The financial performance of these companies serves as a report card on their comprehensive risk resistance and future development potential, indicating a reshaped industry landscape [17]

Group 1 - Hong Kong property stocks experienced a strong rebound in the afternoon on September 12, with notable gains in several companies [2] - China Overseas Land & Investment surged over 17%, while Sunac China increased by more than 10% [2] - Other companies such as Country Garden and Shimao Group also saw their stock prices rise [2]

Core Viewpoint - The recent policy adjustments in Shenzhen's housing market are expected to provide significant support for the local real estate sector, leading to potential price stabilization and increased transaction volumes [1] Group 1: Market Reaction - Chinese property stocks experienced a notable increase, with major companies such as China Overseas Land & Investment (03377) rising by 13.07% to HKD 0.173, Country Garden (02007) up 4.84% to HKD 0.65, China Jinmao (00817) increasing by 3.27% to HKD 1.58, and Sunac China (01918) gaining 2.91% to HKD 1.77 [1] Group 2: Policy Changes - On September 5, Shenzhen implemented new housing policies that significantly relaxed restrictions on home purchases and adjusted housing credit policies, with a particular focus on non-core areas [1] - CITIC Securities noted that the new policies in Shenzhen are more aggressive compared to the recent measures introduced in Beijing and Shanghai, suggesting a stronger potential impact on the market [1] Group 3: Market Outlook - According to Open Source Securities, the overall real estate market in China has been moving towards stabilization this year, with expectations of slight fluctuations in housing prices during this process [1] - The combination of more proactive fiscal policies and moderately loose monetary policies is anticipated to accelerate the improvement of existing housing supply and demand relationships, further aiding the stabilization process [1]

Core Viewpoint - The recent policy adjustments in Shenzhen's housing market are expected to provide significant support for the local real estate sector, leading to potential price stabilization and increased market activity [1] Group 1: Market Performance - Chinese property stocks saw notable gains, with major companies like China Oceanwide Holdings (up 13.07%), Country Garden (up 4.84%), China Jinmao (up 3.27%), and Sunac China (up 2.91%) experiencing significant increases in their stock prices [1] - The new housing policy in Shenzhen is more aggressive in relaxing purchase restrictions compared to recent policies in Beijing and Shanghai, indicating a stronger potential impact on market dynamics [1] Group 2: Policy Implications - The adjustments to housing purchase and credit policies in Shenzhen include a significant relaxation of restrictions in non-core areas and the removal of differentiated mortgage rates for first and second homes [1] - Analysts from CITIC Securities suggest that the new policy is likely to support both transaction volume and pricing in the Shenzhen housing market, drawing parallels to the positive market responses observed in Beijing and Shanghai following their policy changes [1] Group 3: Market Outlook - According to Open Source Securities, the overall direction of China's real estate market is moving towards stabilization, with expectations of slight price fluctuations amid ongoing policy support [1] - The combination of proactive fiscal policies and moderately loose monetary policies is anticipated to accelerate the progress of existing housing supply and demand improvements, further aiding the stabilization process [1]