Group 1 - The core viewpoint is that Sun Hongbin, the leader of Sunac, has successfully navigated through a severe debt crisis, with plans to clear 68 billion yuan in debt, marking a significant turnaround for the company [1][3] - Sunac's debt restructuring plan has received support from over 70% of its overseas creditors, indicating a strong likelihood of resolution and the end of a three-year debt struggle [3] - The company faced a drastic decline in sales, with a 77% drop in revenue, leading to a cash flow crisis and inability to meet dollar bond interest payments in 2022 [3][5] Group 2 - Sun Hongbin's strategy involved converting debt into equity, allowing creditors to become shareholders, which is seen as a better alternative to bankruptcy [5] - The health industry, particularly the male health maintenance sector, is identified as a potential growth area, with the global market expected to grow from 24 billion USD in 2023 to 43 billion USD by 2027 [6] - Sunac still holds valuable real estate projects, such as the Shanghai One Number Courtyard, which has achieved over 17 billion yuan in sales this year, showcasing the company's potential for recovery [9] Group 3 - The relationship between Sun Hongbin and Wang Jianlin has changed significantly, with Sunac's financial recovery contrasting with Wang's ongoing debt issues, raising questions about future collaborations [10]

Primary Market - A total of 31 offshore bonds were issued this week (August 18-22, 2025), including 2 offshore RMB bonds, 19 USD bonds, 8 HKD bonds, 1 THB bond, and 1 JPY bond, with issuance scales of 1.484 billion RMB, 10.097 billion USD, 4.25 billion HKD, 700 million THB, and 10.1 billion JPY [1] - The largest single issuance in the offshore RMB bond market was 774 million RMB by Hangzhou Fuyang Transportation Development Investment Group [1] - The highest coupon rate for RMB bonds this week was 5%, issued by Zhengzhou Jianzhong Construction Development Group [1] - In the USD bond market, the largest single issuance was 5 billion USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 7% issued by Zhangzhou Yuanshan Development Co., Ltd. [1] Secondary Market - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.03% to 246.82 [2] - The investment-grade USD bond index also increased by 0.03% to 239.26, while the high-yield USD bond index rose by 0.04% to 246.82 [2] - The real estate USD bond index decreased by 0.09% to 183.34, while the city investment USD bond index increased by 0.1% to 150.95 [2] - The financial USD bond index rose by 0.04% to 286.88 [2] Default and Restructuring - China Glass announced a default on a loan of 140 million USD, failing to make a payment of 141.7 million USD on the due date [4] - Country Garden is working towards completing its overseas debt restructuring by the end of 2025, with strong support from creditors [10] - Sunac China announced plans to restructure 9.552 billion USD of debt, with approximately 75% of creditors signing a support agreement [11] - Guangzhou Times Holdings announced a suspension of all outstanding corporate bonds starting August 25, 2025, to arrange for future debt repayments [12] - Yuzhou Group's restructuring proposal for its 375 million USD offshore debt due in 2027 has been approved by a majority of qualified bondholders [13] Market News - The Bond Connect Northbound trading volume reached 957.6 billion RMB in July, with policy financial bonds and government bonds being the most active [5] - A total of 14 new science and technology innovation bond ETFs were reported on August 20, indicating rapid expansion in this category [6][7] - The People's Bank of China announced the issuance of 45 billion RMB central bank bills in Hong Kong, with two different maturities [8] Overseas News - The Federal Reserve's July meeting minutes indicated expectations of rising inflation in the short term, with most officials believing inflation risks outweigh employment risks [9]

（於開曼群島註冊成立的有限公司） （股份代號：01918） 股東特別大會適用的代表委任表格 本人╱吾等 （姓名） SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 或如其未能出席，則委任大會主席 （附註2） 為本人╱吾等的代表，代表本人╱吾等出席本公司將於2025年9月9日（星期二）上午十時 三十分假座中國北京市朝陽區望京東園522號樓二層會議室舉行的股東特別大會或其任何續會，並於會上就提呈的任何決議案或動議代 表本人╱吾等投票。本人╱吾等的代表獲授權依照下列所示 （附註3） 就下述決議案作出投票： （正楷書寫） （地址為） （附註1） 為融創中國控股有限公司（「本公司」）股本中每股面值0.10港元的股份 股 的登記持有人，茲委任 （姓名） （地址為） 或如其未能出席，則 （姓名） （地址為） | | 普通決議案 （附註8） | 贊成 （附註3） | 反對 （附註3） | | --- | --- | --- | --- | | 1. | 在第3項所載決議案獲通過的前提下，批准強制可轉換債券發行（包含關連強制 | | | | | 可轉換債券發行）及其項下擬進行的交易以及授權任何董事 ...

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 通 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 通 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。 SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：01918） 茲通告 融創中國控股有限公司（「本公司」）謹訂於2025年9月9日（星 期 二）上午十 時三十分假座中國北京市朝陽區望京東園522號樓二層會議室舉行股東特別大 會，以 考 慮 及 酌 情 通 過（不 論 是 否 有 修 訂）下 列 決 議 案 作 為 本 公 司 普 通 決 議 案。 除 另 有 界 定 者 外，本 通 告 所 用 詞 彙 與 本 公 司 日 期 為2025年8月22日的通函（「通 函」）所 界 定 者 具 有 相 同 涵 義。 普通決議案 1. 「動 議 (a) 在下 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢持牌證券交易商或註冊證券機構、銀行經理、律師、專 業會計師或其他專業顧問。 閣下如已售出或轉讓名下全部融創中國控股有限公司的股份，應立即將本通函連同隨附的代表委任表格送交買主或承 讓人，或經手買賣或轉讓的銀行、持牌證券交易商或註冊證券機構或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本通函全部或任何部分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。 本通函僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約，亦不在任何司法權區構成任何投票或批准的 招攬。本通函及其任何副本概不得直接或間接在美國，或在刊發或派發本通函屬違法的任何其他司法權區刊發或派 發。本通函並不構成於美國或任何其他未有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、要約或出 售則屬不合法的司法權區提呈出售或提呈購買任何證券的要約。倘無登記或獲適用豁免登記規定，證券不得在美國提 呈或出售。於美國公開發售任何證券將須以招股章程形式作 ...

Group 1 - The core viewpoint of the article highlights a significant acceleration in the debt restructuring process of real estate companies in the second half of the year, with 16 out of 60 distressed companies completing some form of restructuring by early August 2023 [1][2] - The restructuring trend has shifted from "extension" to "debt reduction," with companies utilizing asset swaps and cash buybacks to alleviate long-term debt pressure [1][3] - As of early August, 42 out of 60 distressed companies have disclosed their debt restructuring progress, indicating a more proactive approach compared to previous years [1][2] Group 2 - Among the 16 companies that completed debt restructuring, 8 had their plans approved this year, showcasing a notable increase in the pace of restructuring [2] - The current market conditions have led creditors to adjust their expectations for debt recovery, favoring restructuring over bankruptcy to improve debt repayment rates [2][4] - The debt reduction strategies employed by companies, such as debt-to-equity swaps, have resulted in some firms reducing their debt levels by over 50% [3][4] Group 3 - Several companies have shown signs of operational improvement and sales recovery, indicating a new phase of risk clearance in the real estate sector [5][6] - For instance, Sunac China reported a continuous increase in sales for three consecutive months, with sales figures showing significant year-on-year growth [6] - The Chinese government has implemented various measures to stabilize the real estate market, which is expected to facilitate a quicker return to normal operations for companies post-restructuring [6]

Core Insights - As of August, 20 distressed real estate companies have received approval for debt restructuring, with a total debt resolution scale exceeding 12,000 billion RMB [1] - Notable companies that completed domestic and overseas debt restructuring include Sunac, R&F, Aoyuan, and others [1] - Several companies have divested from real estate development, such as Lushang Development and Zhujiang Investment Group, indicating a trend towards asset-light transformation [1] Debt Restructuring - The total scale of debt restructuring among the 20 companies surpasses 12,000 billion RMB [1] - Companies that completed overseas debt restructuring include Zhongliang and others, while companies like Xuhui and Kaisa have received approval for overseas debt restructuring [1] Corporate Actions - Xinhua Group completed its restructuring in June, while Hohhot Coal and Longxing Real Estate Company also received approval for restructuring [1] - Jin Ke Co. and Xiexin Yuanchuang are currently in the execution phase of their restructuring after court approval [1] Industry Trends - Many listed companies are actively divesting from real estate development due to both proactive transformation and reactive measures to protect their operations [1] - The trend of exiting the real estate sector or shifting to asset-light models is evident among companies like Guancheng New Materials [1]

2025.08. 21 同期，碧桂园的境外债务重组迎来更多债权人的支持，时代中国的境外债重组计划则成功获得香港高 等法院批准。 | 序号 | रू तो | 债务重组进展 | 化债规模 | | --- | --- | --- | --- | | | 融创 | 2025年1月,完成境内债二次重组。 | 2023年1月,境内债160亿元20:25年1月,境内债 154亿元。 | | | | | 2025年6月. 境外债二次重组获83%债权人同 2023年11月. 境外债约90.48亿美元:2025年 | | | 意。 | | 4月,境外债约95.5亿美元。 | | 2 | 美材股份 | 2025年5月11日. 金科重整计划获得表决通过, | 化债规模1470亿元。 | | | | 并获得法院批准,目前正在执行阶段。 | | | ર | 佳兆业 | 2025年4月,境外债务重组计划条件均达成。 | 总额约为152.61亿美元。 | | ব | 碧桂园 | 2025年5月,逾75%持有人已加入境外债务重 | 化债140.74亿美元。 | | | 组支持协议。 | | | | 5 | 世茂 | 2025年3月,境外债务 ...

融创中国(01918)发布公告，于2025年8月20日，高等法院已撤销原定于2025年8月25日举行的呈请聆 讯，并将呈请聆讯延期至2026年1月5日。 ...

智通财经APP讯，融创中国(01918)发布公告，于2025年8月20日，高等法院已撤销原定于2025年8月25日 举行的呈请聆讯，并将呈请聆讯延期至2026年1月5日。 ...