Core Viewpoint - Sunac China Holdings Limited has successfully completed a $9.6 billion offshore debt restructuring, approved by the Hong Kong High Court, marking it as the first large real estate enterprise to achieve a complete "zero" on offshore debt [1] Group 1: Debt Restructuring Process - The restructuring process has been steadily advancing over the past 10 months, with significant milestones including a 75% support rate in June and 98.5% creditor approval in October [1] - The restructuring plan involved innovative options such as mandatory convertible bonds and a menu of new notes, which garnered creditor support [2] - The successful completion of both domestic and offshore debt restructuring has significantly reduced Sunac's debt pressure by nearly 60 billion yuan, leading to substantial interest savings and a material improvement in the balance sheet [3] Group 2: Market Impact and Confidence - The successful restructuring serves as a positive signal to the market, demonstrating that complex debt issues faced by large real estate companies can be effectively resolved, thus rebuilding industry confidence [1][2] - Analysts believe that the restructuring reflects Sunac's professional capability in addressing complex debt issues and positions the company for a sustainable operational recovery [2][3] Group 3: Operational Recovery and Market Position - Following the completion of the debt restructuring, Sunac is accelerating its operational recovery, focusing on delivering projects and enhancing sales performance [4][5] - The company has achieved significant sales success with its "One Number Courtyard" projects in major cities, contributing to market confidence and positioning Sunac favorably in a competitive landscape [5][6] - The completion of debt restructuring is viewed as a critical step for real estate companies like Sunac to regain a healthy development trajectory and focus on product quality and service in the new industry era [6]

11月5日，融创中国控股有限公司（01918.HK）发布公告，约96亿美元的境外债务重组获香港高等法院 批准。至此，重组计划条件均已达成，这标志着融创正式成为首家境外债基本清"零"的大型房企。 据克而瑞统计，截至目前已完成境内或境外债务重组的房企有11家，融创是第一家完成境内、境外债务 全部重组的大型房企。这个案例成功向市场传递出积极信号，大型房企的复杂债务问题是可以被有效化 解的，这也是行业信心重建的标志性事件。 "好方案是融创境外债重组顺利通过的另一个原因。融创债转股拿出的股票，是市场上交易最活跃的地 产股之一，公司提供的转股价格也较合理，转股时间方面也给予了债权人更大的灵活性。"一位行业机 构分析师表示。 根据计划，融创推出全额债转股选项，将向债权人分派两种新的强制可转换债：一类转股价为6.80港 元/股，可在重组生效日起6个月内转股；另一类转股价为3.85港元/股，可在重组后18至30个月内转股。 重组方案还创新引入了股权结构稳定计划、团队稳定计划等安排，确保公司股权结构与骨干团队的稳 定，巩固各方信心的同时，齐心协力为公司创造长期价值。 境内、境外债务重组全部完成，意味着融创最困难的时候已经过去了。 ...

Core Viewpoint - Sunac China Holdings Limited has successfully completed its offshore debt restructuring plan, which has been approved by the High Court, effectively clearing $9.55 billion in offshore debt [1][2] Group 1: Debt Restructuring - The offshore debt restructuring plan received approval from 1,469 creditors, with 98.5% voting in favor, representing 94.5% of the debt amount [2] - The successful restructuring is expected to reduce Sunac's overall debt pressure by nearly 60 billion yuan, leading to significant annual interest savings and a substantial repair of the balance sheet [2] - Sunac is the first large real estate company to complete both domestic and offshore debt restructuring [1] Group 2: Future Development Strategy - Following the completion of the debt restructuring, Sunac is entering a new positive development cycle, focusing on core cities and quality projects [2] - The company plans to concentrate on first and second-tier cities such as Beijing, Shanghai, Xi'an, and Chongqing, aiming to enhance product quality [2] - Sunac's high-end product line has gained market recognition, with the Shanghai One Number Courtyard achieving sales exceeding 22 billion yuan this year, becoming the first project in the country to surpass 10 billion yuan in sales by 2025 [2] - The company aims to deliver 60,000 units by 2025, ranking fourth in delivery capability among real estate companies according to CRIC [2]

值得注意的是，这一方案在6月就迈过了75%支持率门槛；10月14日，在融创举行的境外债重组计划会 议上，该方案获98.5%债权人投票赞成，对应债务金额支持率94.5%，远超香港法律要求的75%门槛。 此前2023年，融创就曾推出第一轮境外债重组，采取"化债+展期"的主体思路，引入强制可转债选项， 推出含有新票据、可转换债券、强制可转换债券、融创服务股票的方案。当时完成了一部分约百亿美元 境外债务重组。 2025年1月，融创完成了境内债重组。至此，融创境内、境外债务均完成重组，公司整体偿债压力预计 将下降近600亿元，每年可节约大量的利息支出，资产负债表迎来实质性修复。 11月5日，融创中国控股有限公司（01918.HK）发布公告称，约96亿美元的境外债务二次重组方案获香 港高等法院批准，并于当日正式生效。 根据公告，香港高等法院于2025年11月5日对该方案的呈请进行聆讯，并最终签发批准令。批准令于当 日送呈公司注册处进行登记。 至此，重组计划条件均已达成，即：获得债务金额75%以上的支持率；获得香港高等法院批准；于公司 注册处办理登记。这标志着融创正式成为首家境外债基本清零的大型房企。 融创化债可谓一波三折 ...

此前的10月14日，融创中国举行境外债重组计划会议，合计共有1492名债权人投票，其中1469名债权人 投票赞成重组计划，赞成票人数占比达98.5%，对应债务金额支持率94.5%，远超75%的门槛。 融创中国宣布，香港高等法院于2025年11月5日对该方案的呈请进行聆讯，并最终签发批准令。批准令 于当日送呈公司注册处进行登记。 按照相关要求，融创的境外债重组方案需满足三个条件方可生效，即获得债务金额75%以上的支持率； 获得香港高等法院批准；于公司注册处办理登记。 融创中国董事会宣布，于2025年11月5日，重组方案也宣告生效日期。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月5日，融创中国控股有限公司（以下简称"融创中国"）宣布，境外债务二次重组方案获得香港高等 法院批准，并从11月5日起正式生效。 随着此次境外债二次重组方案的生效，融创的境内债与境外债均完成了二次重组，共削债近600亿元人 民币。 融创是债务重组推进较快的大型房企，2023年1月就完成了160亿元境内债的展期。当年11月，融创通 过"债转股+发新票"的方式，完成百亿美元境外债务重组。但此后，由于业绩恢复 ...

11月5日，融创中国控股有限公司（以下简称"融创中国"）宣布， 境外债务二次重组方案获得 香港高等法院批准 ，并从11月5日起正式生效。 同时，融创还推出"股权结构稳定计划"，向主要股东（即孙宏斌）提供部分附带条件的受限股 票，主要股东在6年内仅获得该等受限股票的投票权等极其受限的权利，除非达到特定限制条 件，否则不能处置、抵押、转让受限股票。通过该计划，主要股东股权比例维持在一定水平， 避免过分稀释。 记者丨张敏 编辑丨张伟贤 随着此次境外债二次重组方案的生效，融创的境内债与境外债均完成了二次重组，共削债近 600亿元人民币。 此前的10月14日，融创中国举行境外债重组计划会议，合计共有1492名债权人投票，其中 1469名债权人投票赞成重组计划，赞成票人数占比达98.5%，对应债务金额支持率94.5%，远 超75%的门槛。 融创是债务重组推进较快的大型房企，2023年1月就完成了160亿元境内债的展期。 当年11 月，融创通过"债转股+发新票"的方式，完成百亿美元境外债务重组。但此后，由于业绩恢复 不及预期，加之遭遇债权人的清盘呈请，融创不得不进行二次债务重组。其中，境内债的二次 重组已于今年1月完成。 ...

Group 1 - Hunan Pingjiang County has implemented a comprehensive policy for selling completed residential properties, becoming the first county in Hunan to do so [1] - Sunac China has made significant progress in its offshore debt restructuring plan, with approximately $9.6 billion of debt approved by the Hong Kong High Court [2] - Zhengrong Real Estate reported a contract sales amount of approximately 452 million yuan in October, with an average selling price of 14,000 yuan per square meter [3] Group 2 - Gemdale Group achieved a contract signing amount of 1.92 billion yuan in October, reflecting a year-on-year decline of 65.78% [4] - Beijing Urban Construction announced that its 15 billion yuan medium-term notes will pay interest on November 15, 2025, with an interest rate of 2.49% [5]

Group 1: Real Estate Policy Changes - Pingjiang County in Hunan Province has implemented measures to fully promote the sale of completed residential properties, becoming the first county in Hunan to do so [1] Group 2: Debt Restructuring - Sunac China announced that its offshore debt restructuring plan, amounting to approximately $9.6 billion, has been approved by the Hong Kong High Court, marking a significant advancement in the restructuring process [2] Group 3: Sales Performance - Zhengrong Real Estate reported a contract sales amount of approximately 452 million yuan in October, with a total sales area of about 32,200 square meters and an average contract price of 14,000 yuan per square meter [3] - Gemdale Group disclosed a contract signing amount of 1.92 billion yuan in October, representing a year-on-year decline of 65.78%, with a signed area of 184,000 square meters, down 53.3% year-on-year [4] Group 4: Bond Issuance - Beijing Urban Construction announced that its 2024 fourth phase medium-term notes, totaling 1.5 billion yuan, will have an interest rate of 2.49%, with the interest payment scheduled for November 15, 2025 [5]

11月5日，融创中国控股有限公司（以下简称"融创中国"）宣布，境外债务二次重组方案获得香港高等 法院批准，并从11月5日起正式生效。 融创中国宣布，香港高等法院于2025年11月5日对该方案的呈请进行聆讯，并最终签发批准令。批准令 于当日送呈公司注册处进行登记。 按照相关要求，融创的境外债重组方案需满足三个条件方可生效，即获得债务金额75%以上的支持率； 获得香港高等法院批准；于公司注册处办理登记。 （原标题：融创完成境内债、境外债二次重组 削债近600亿元） 21世纪经济报道记者 张敏 融创是债务重组推进较快的大型房企，2023年1月就完成了160亿元境内债的展期。当年11月，融创通 过"债转股+发新票"的方式，完成百亿美元境外债务重组。但此后，由于业绩恢复不及预期，加之遭遇 债权人的清盘呈请，融创不得不进行二次债务重组。其中，境内债的二次重组已于今年1月完成。 此前的10月14日，融创中国举行境外债重组计划会议，合计共有1492名债权人投票，其中1469名债权人 投票赞成重组计划，赞成票人数占比达98.5%，对应债务金额支持率94.5%，远超75%的门槛。 同时，融创还推出"股权结构稳定计划"，向主要股东 ...

Market Overview - US stock indices collectively rose, with the Nasdaq up 0.65%, the Dow Jones up 0.48%, and the S&P 500 up 0.37% [4] - Major tech stocks mostly increased, with Google rising over 2% to a record closing high, and Tesla up over 4% [4] - The Nasdaq China Golden Dragon Index rose 0.15%, with mixed performance among Chinese concept stocks [4] Commodity Prices - International crude oil futures settled lower, with WTI crude oil for December down 1.59% at $59.6 per barrel, and Brent crude for January down 1.43% at $63.52 per barrel [5] - International gold prices increased, with spot gold up 1.31% at $3983.09 per ounce [5] Economic and Trade Relations - Chinese and US agricultural trade representatives discussed bilateral trade, highlighting the complementary strengths of both countries and the need for a favorable cooperation environment [7] - The Chinese Ministry of Commerce announced adjustments to export control measures, effective November 10, 2025, impacting 15 US entities [8][10] - The Ministry of Commerce proposed to stop anti-dumping measures on certain US imports, effective November 10, 2025 [11] Technology Developments - Huawei announced the open-source of its UCM inference memory management technology, which aims to enhance AI inference acceleration [20] - Huawei Cloud launched its new generation of cloud servers, enhancing computing and memory experiences for users [21] - Tongyi Qianwen introduced AgentScope 1.0, featuring new open-source intelligent agents, promoting innovation in the AI field [22] Corporate Announcements - Kweichow Moutai announced a new round of share repurchase and a cash dividend plan totaling approximately 30 billion yuan [23] - Sunac China announced the successful restructuring of its $9.55 billion offshore debt, significantly improving its financial stability [26] - XPeng Motors announced a strategic partnership with Volkswagen, enhancing its AI chip technology [28] Financial Performance - Qualcomm reported Q4 adjusted revenue of $11.27 billion, exceeding estimates, and projected Q1 revenue between $11.8 billion and $12.6 billion [30] - Arm's Q2 revenue was $1.14 billion, surpassing expectations, with an adjusted operating profit of $467 million [30] International Developments - The US Supreme Court debated the legality of government tariff policies, which could impact global economic relations [15] - The Swedish Parliament voted to lift the ban on uranium mining, effective January 1, 2026, recognizing uranium as a metal of significant social importance [16]