Core Viewpoint - Sunac China has successfully obtained approval from the Hong Kong High Court for its approximately $9.6 billion offshore debt restructuring, marking it as the first large real estate enterprise to achieve a "zero" balance on offshore debt [2] Group 1: Debt Restructuring - The restructuring plan was initiated in January 2023, with a proposal announced in April, and achieved a 98.5% creditor approval by October [2] - The company reported a reduction in interest-bearing liabilities to 254.82 billion yuan, down 22.61 billion yuan year-on-year, and approximately 4.85 billion yuan since the end of last year [2] - The restructuring includes a "debt-to-equity swap" approach, introducing mandatory convertible bonds and a menu of options for creditors, which received strong support [2][3] Group 2: Delivery and Sales Performance - In the first half of the year, Sunac delivered quality new homes to 14,900 families, with a cumulative delivery of 683,000 units over the past three years [3] - The "One Number Courtyard" projects in Shanghai and Beijing have seen significant sales, with Shanghai's project achieving over 22 billion yuan in sales, topping the national new home sales list [3][4] - The company aims to deliver over 50,000 units by the end of the year, focusing on ensuring delivery commitments [3] Group 3: Market Position - Sunac ranked third among private enterprises in contract sales, achieving a total sales amount of 23.55 billion yuan in the first half of the year [4]

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 [2][3]. Group 1: Debt Restructuring - The offshore debt restructuring plan received approval from 1,469 creditors, with a support rate of 98.5% in terms of the number of votes and 94.5% in terms of the debt amount [3]. - The restructuring covers a total scale of approximately $9.55 billion in offshore debt, including public market bonds and private loans, aimed at completely resolving the company's debt risks [2][4]. Group 2: Financial Impact - As a result of the successful debt restructuring, Sunac's overall debt repayment pressure is expected to decrease by nearly 60 billion yuan, leading to significant annual interest savings and a substantial repair of the balance sheet [4]. - The completion of both domestic and offshore debt restructuring allows Sunac to enter a new positive development cycle [4]. Group 3: Future Development Strategy - Sunac plans to focus on core cities such as Beijing, Shanghai, Xi'an, and Chongqing, aiming to enhance product quality [4]. - The company's high-end product line has gained market recognition, with the Shanghai One Number Courtyard achieving sales of over 22 billion yuan this year, becoming the first project in the country to exceed 10 billion yuan in sales by 2025 [4]. - Sunac aims to deliver 60,000 units by 2025, ranking fourth in the delivery capacity among real estate companies according to a report by CRIC [4].

Core Insights - Sunac China Holdings Limited has successfully completed a significant offshore debt restructuring, amounting to approximately $9.6 billion, which has been approved by the Hong Kong High Court, marking it as the first large real estate enterprise to achieve a "zero" balance in offshore debt [1] - The restructuring plan includes innovative options such as full debt-to-equity swaps and the introduction of mandatory convertible bonds, aimed at achieving mutual benefits for all parties involved [1] - The successful restructuring is expected to reduce Sunac's overall debt repayment pressure by nearly 60 billion yuan, significantly improving its balance sheet and supporting sustainable operations [1] Company Developments - Sunac's debt restructuring plan includes two new types of mandatory convertible bonds with conversion prices set at HKD 6.80 and HKD 3.85, allowing for conversion within specified time frames [1] - The company is focusing on "guaranteeing delivery" as a core indicator of its recovery, with a target to deliver over 50,000 projects by the end of the year [2] - The successful completion of the restructuring is seen as a positive signal for the real estate industry, indicating a shift towards a "post-risk clearing" era, where companies like Sunac can return to healthy development [2] Industry Context - As of now, 21 distressed real estate companies have completed debt restructuring, with a total debt restructuring scale of approximately 1.2 trillion yuan, alleviating short-term repayment pressures [2] - The overall debt burden for these companies is close to 2 trillion yuan, with reduced repayment pressure allowing them to enter a safer operational phase [2] - The acceleration of debt restructuring and approvals among distressed real estate firms is expected to expedite the overall risk clearing process in the real estate sector [2]

11月5日,融创中国控股有限公司发布公告，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。 责编：叶舒筠 校对： 赵燕 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 早在2023年，融创率先完成第一轮境外债重组，采取"化债+展期"的主体思路，创新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、融创服务股票的可选"菜单"，受到债权人支持。而在进行本轮 境外债务重组时，融创以创新方案实现多方互利共赢，力求全面、彻底化解债务风险。 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。 随着境内外债务重组成功，融创中国也再次赢得了喘息时间。在境内、境外债务重 ...

2025.11. 05 出险房企债务重组的典型方式包括债转股、以资抵债、全额长展期等，核心是通过削债降低实际债务 负担，并改善资产负债表，为长期恢复经营创造有利条件。 本文字数：1343，阅读时长大约3分钟 作者 | 第一财经 孙梦凡 11月5日，融创中国（01918.HK）发布公告称，约96亿美元的境外债务重组获香港高等法院批 准，重组计划条件均已达成。融创将成为首家境外债基本清"零"的大型房企。 自2023年以来，融创中国的境外债重组几经波折。第一轮方案中，该集团采取了"化债+展期"的思 路，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。 但因行业持续深度调整，市场融资功能尚未恢复，各方开始考虑更彻底的重组样本：既能从根本上化 解房企债务风险，又能满足债权人的流动性需求，帮助企业构建更可持续的局面。 于是，今年融创中国推出了境外债二次重组方案——全额"债转股"。新方案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。 与此同时，二次重组方案还引入了股权结构稳定计划、团队稳定计 ...

Group 1 - The core viewpoint of the articles is that real estate companies are accelerating debt restructuring efforts, with a total debt reduction scale of approximately 1.2 trillion yuan, significantly alleviating short-term repayment pressures [1][3] - The debt restructuring plans are shifting from merely extending repayment periods to directly reducing debt amounts, providing companies with a chance for "rebirth" [3][4] - Major companies like Country Garden, Sunac, and CIFI are actively engaging in overseas debt restructuring, with some already receiving creditor approvals for their plans [2][5] Group 2 - Sunac China announced that 98.5% of participating creditors approved its overseas debt restructuring plan, which involves converting most debts into equity [6][7] - The debt reduction ratios for many companies exceed 50%, with some reaching up to 70%, significantly lowering their actual debt burdens [8] - Companies that have successfully restructured their debts are now resuming investments, indicating a recovery in market confidence and a potential return to land acquisition [9][10] Group 3 - After completing debt restructuring, many companies are focusing on light asset businesses such as property management and asset management, which require less capital investment [10] - The industry is expected to shift from incremental development to stock operation, with significant opportunities in property and asset management sectors [10]

Core Viewpoint - Sunac China has successfully completed its offshore debt restructuring, becoming the first large real estate company to achieve a "zero" balance on offshore debt, with a total of approximately $9.6 billion involved in the restructuring process [1][2]. Group 1: Debt Restructuring Process - The restructuring process has faced several challenges since its initiation in 2023, with the first round involving a "debt reduction + extension" strategy that included new notes, convertible bonds, and shares of Sunac Services [1]. - The second restructuring plan introduced a full "debt-to-equity" conversion, offering creditors two types of new mandatory convertible bonds with conversion prices set at HKD 6.80 and HKD 3.85 per share [1]. - The restructuring received overwhelming support from creditors, with 98.5% voting in favor, marking a significant milestone in the process [2]. Group 2: Industry Context and Comparisons - Sunac's approach to debt restructuring is considered one of the most thorough among 21 distressed real estate companies, with a total debt restructuring scale of approximately RMB 1.2 trillion [3]. - The debt reduction achieved by Sunac in its offshore debt restructuring is complete, while the domestic debt restructuring has seen a reduction rate exceeding 50% [3]. - Other companies in the industry, such as Longfor and CIFI, have also achieved significant debt reduction rates ranging from 40% to 70% in their offshore debt restructurings [3]. Group 3: Future Focus and Business Strategy - Post-restructuring, real estate companies, including Sunac, are expected to focus on ensuring project delivery and pursuing development opportunities [4]. - Sunac is currently engaged in a "delivery battle," aiming to complete the delivery of over 50,000 projects by year-end, with significant sales achievements reported [4]. - The company is also expanding its light-asset business, focusing on construction management, property management, and asset management, which require less capital and help restore cash flow [4].

记者丨吴抒颖 编辑丨张伟贤 代表房企之中， 碧桂园、融创和旭辉等也在近期陆续进行境外债重组投票，其中已有房企获 得债权人的批准，债务重组方案获批成行。 房企本轮化债受到市场关注的缘由是，多数债务重组方案的核心已经不是展期，而是直接削 债，通过大幅降低债务规模获得"重生"的机会。此前，房企与债权人双方博弈强烈，债权人议 价空间较大，但随着市场境况未曾发生扭转，债权人对房企债务的清偿率预期也已经降低。 随着房企债务压力减轻，已有部分此前曾遭遇短期流动性压力的房企重新恢复投资。这也表 明，房企在债务谈判中处理得当的前提下，仍能够在当前的市场之中拥有一席之地，而如果市 场筑底回稳，这类房企也有望得到新生。 大规模削债 房企此轮化债，多数是与债权人的二次博弈。在前次化债的基础上，多数房企寻求降低债务本 金偿还的比例，以此减轻负担。 房企化债加速推进。 中指研究院近期发布的数据显示， 截至今年10月底，21家出险房企化债规模约1.2万亿元，有 望极大减轻这些企业短期内公开债务偿还压力。 同时，出险房企通过多种方式削债，改善资 产负债表，也有利于行业风险出清进程。 | 企业 | 债务重组进展 | 化债总额度 | | --- ...

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。 11月5日，融创中国（01918.HK）公告称，公司境外债务重组计划已于2025年11月5日获得香港高等法 院批准。于本公告日期，所有计划条件已达成，计划生效日期为2025年11月5日。 根据此次公告，融创中国约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。 在境内、境外债务全部重组成功的情况下下，融创中国整体偿债压力预计下降近600亿元。 智通财经记者 李晓青 根据计划，融创中国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。 此前融创中国披露的销售数据显示，截至2025年9月底，融创中国累计实现合同销售金额约317.6亿元， 累计合同销售面积约100.1万平方米，合同销售均价约3.17 ...

11月5日，融创约96亿美元规模的境外债重组方案获香港高等法院正式批准，至此，重组计划条件均已 达成，即将生效。当日晚间，融创官微发文表示，今年1月，公司境内公开债重组方案顺利通过，成为 业内首家完成境内公开债整体重组的房企，如今伴随境外债重组的正式获批，公司在上市公司层面的债 务风险将得到全面、彻底的化解。化债的关键进展，也将成为公司经营恢复的里程碑事件。 ...