融创中国公告称，境内债务重组，根据一般授权发行新股份，将向特殊目的公司发行7.54亿股新股份。 ...

Group 1 - The core point of the news is that Sunac China (01918.HK) has announced a domestic debt restructuring plan for its wholly-owned subsidiary, Sunac Real Estate, which has been approved by relevant domestic bondholders [1] - The restructuring options include cash buyback, stock economic rights payment, and debt-to-equity swaps for domestic bondholders [1] - Sunac Real Estate has repurchased approximately RMB 8 billion of domestic bonds with a total value of about RMB 40 billion as part of the buyback option [1] Group 2 - For the stock option, bondholders can receive 13.5 shares of the company for every RMB 100 face value of the domestic bonds they hold [1] - On July 3, 2025, the company entered into a subscription agreement with a special purpose company to issue a total of 754,468,943 shares, which will be used to pay off approximately RMB 56 billion of related domestic bonds for those who choose the stock option [1] - The special purpose company is registered in the British Virgin Islands and is established to facilitate the stock option in the domestic debt restructuring [2]

Company News - Xpeng Motors (09868.HK) launched the world's first L3-level AI car, the Xpeng G7, with a starting price of 195,800 yuan [1] - Automotive dealer Anlijie announced a distribution agreement with Geely Automobile (00175.HK) to introduce Geely's new energy vehicles to the Italian market [1] - Alibaba (09988.HK) announced the pricing of a zero-coupon exchangeable bond issuance amounting to 12.023 billion HKD [1] - Sunac China (01918.HK) reported a contract sales amount of 23.55 billion yuan for the first half of the year, a year-on-year decline of 10.39% [1] - Agricultural Bank of China (01288.HK) stated it will follow the latest trends in global stablecoins and cryptocurrencies, but currently has no plans to develop stablecoins [1] - China Merchants Bank (03968.HK) has been approved to establish China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan [1] - The National Integrated Circuit Industry Investment Fund Co., Ltd. reduced its stake in SMIC (00981.HK) from 5.01% to 4.97% as of July 2, with an average share price of 43.8988 HKD [1] - Yuexiu Property (00123.HK) reported a cumulative contract sales amount of approximately 61.5 billion yuan for the first half of the year, a year-on-year increase of about 11% [1] - Longyuan Power (00916.HK) completed a total power generation of approximately 39.6525 million MWh in the first half of the year, a year-on-year decrease of 1.07% [1]

Core Viewpoint - Sun Hongbin's appearance at the Sunac China shareholders' meeting marks a significant moment as it is his first in-person attendance since the company's financial difficulties, indicating a positive shift in the company's situation and confidence in future developments [2][3][7]. Debt Restructuring Progress - Sunac China has successfully completed the restructuring of its domestic debt, involving approximately 15.4 billion yuan, making it the first real estate company in the industry to achieve this [3][4]. - The company is currently undergoing a second restructuring of its offshore debt, with 75% of creditors supporting the plan, which aims to convert approximately 9.55 billion USD of debt into equity [3][4]. - The court hearing for the offshore debt restructuring is scheduled for September 15, which is a crucial step towards finalizing the plan [3]. Project and Asset Management - Sunac China has been actively working on revitalizing its residential projects and managing debts at the project level since last year, with a focus on individual strategies for each project [4][5]. - The company has successfully introduced funding for several key projects, including those in Chongqing, Beijing, Tianjin, and Wuhan, to mitigate existing debt risks and enhance asset value [5]. Delivery and Sales Performance - In 2024, Sunac China plans to deliver approximately 170,000 housing units across 84 cities, with a cumulative delivery of about 668,000 units over the past three years [6]. - The company aims to complete the delivery of 60,000 units in 2025, marking a significant milestone in its commitment to fulfilling delivery obligations [6]. - The Shanghai Bund No. 1 project has achieved remarkable sales, totaling over 17 billion yuan in 2025 alone, showcasing the company's ability to revitalize high-quality projects [6][7]. Future Outlook - Sun Hongbin expresses optimism for the company's performance in 2024, expecting it to surpass last year's results, with a reported contract sales amount of approximately 23.55 billion yuan in the first half of the year [8]. - The company plans to focus its efforts on core first- and second-tier cities, consolidating its resources to enhance operational efficiency and reduce leverage risks [7].

Group 1 - The company announced a contract sales amount of approximately RMB 7.55 billion for June 2025, with a contract sales area of about 129,000 square meters and an average contract sales price of approximately RMB 58,530 per square meter [1] - For the first half of 2025, the company achieved a cumulative contract sales amount of approximately RMB 23.55 billion, with a cumulative contract sales area of about 721,000 square meters and an average contract sales price of approximately RMB 32,660 per square meter [1]

Group 1 - The core viewpoint is that the real estate stocks in China have collectively risen, indicating a positive market response to new housing loan policies in Guangzhou [1] - R&F Properties (02777) increased by 6.86% to HKD 1.09, Aoyuan Group (03383) rose by 5.95% to HKD 0.445, Oceanwide Holdings (03377) went up by 4.65% to HKD 0.09, and Sunac China (01918) gained 4% to HKD 1.56 [1] - The Guangzhou Housing Provident Fund Management Center released a draft policy that aims to ease restrictions on housing loans, which is expected to provide a strong signal of market easing [1] Group 2 - According to data from the China Index Academy, the total sales of the top 100 real estate companies in the first half of 2025 amounted to CNY 183.64 billion, reflecting a year-on-year decline of 11.8% [2] - In June alone, the sales of the top 100 real estate companies dropped by 18.5% year-on-year, indicating a worsening trend compared to May [2] - Open Source Securities anticipates that the real estate policies will remain positive and moderate, with expectations for more supportive fiscal and monetary policies to aid the industry's stable development [2]

Group 1 - The Hong Kong real estate sector saw an initial rise in stock prices, with notable increases in several companies [1] - R&F Properties (02777.HK) experienced a surge of over 10% [1] - Agile Group (03383.HK) rose by 9%, while Sunac China (01918.HK) increased by over 5% [1] Group 2 - Longfor Group (03380.HK) and China Aoyuan (03883.HK) also saw their stock prices rise [1]

Core Viewpoint - The debt restructuring progress of several large real estate companies has accelerated, with significant support from creditors, indicating a potential recovery in the sector [1][2][6]. Group 1: Debt Restructuring Progress - As of June 30, 75% of the creditors of Country Garden and Sunac have joined the restructuring support agreement, signaling a positive trend in debt resolution [1][2]. - Other companies such as Longfor, CIFI, Shimao, and Yuanyang have also made notable advancements in their debt restructuring efforts [1][6]. - The restructuring plans of CIFI and Shimao have received court approval, while Agile aims to finalize its restructuring plan by the end of 2025 [4][8]. Group 2: Company-Specific Updates - Country Garden reported that it has secured support from creditors representing over 75% of its outstanding public notes and aims to finalize the restructuring by the end of 2025 [2][7]. - Sunac announced that its restructuring support agreement has also garnered 75% creditor participation, with a court hearing scheduled for September 15, 2025 [3][7]. - Longfor has introduced an optimized domestic debt restructuring plan covering 21 bonds with a total principal balance of 21.962 billion, incorporating various options for creditors [5][6]. Group 3: Market Implications - The acceleration of debt restructuring among major real estate firms suggests a potential stabilization in the market, as companies actively engage with creditors to resolve outstanding debts [1][6]. - The positive outcomes from these restructuring efforts may enhance the financial stability of these companies, allowing them to maintain operations and improve cash flow management [2][5].

编 辑丨张伟贤 "不管是再好的行业，杠杆高风险就会很大。所以降杠杆是必须的。""以后不会再去那么多的 城市……要集中在核心一二线城市。""运营业务和能力在未来这两三年会有一个比较大的突 破。" 作 者丨张敏 6月最后一个工作日，融创中国股东周年会如期召开。此前两届股东会，融创中国董事局主席 孙宏斌都是在线上参与，这次他终于亲临现场，回答股东的疑问。 一位参会者向21世纪经济报道记者表示， 近两年很少在公开场合见到孙宏斌，这次的观感 是，"瘦了，白头发多，但气色不错。" 今年年初，融创完成了境内债的二次重组。境外债二次重组目前进展顺利。同时，融创的项目 处置、交付等工作也在按部就班地推进中。 前述股东说， 相比公开披露的内容，孙宏斌并没有带来更多增量信息。他的现身，更多是对 公司战略的确认，并给股东吃下定心丸。 作为最早启动境内外债务重组的大型房企，融创的化债进展快过不少同行。因此，融创股东会 的整体情绪比较乐观。但不少股东长期持有融创股票，近年来损失惨重。孙宏斌的出现，能在 多大程度上安抚投资者，恐怕仍有疑问。 尽管化债进展顺利，但2024年，融创的归母净利润仍处于亏损状态，且已连续四年亏损。今 年前5月，融 ...

Core Viewpoint - Sun Hongbin, the chairman of Sunac China, has made a rare public appearance, discussing the company's debt reduction progress and expressing optimism about the industry's future, claiming that the most difficult times for Sunac are over [3][6][30]. Debt Restructuring - Sunac has achieved a significant milestone with 75% of the holders of its offshore debt agreeing to a restructuring support agreement, which could lead to the elimination of 68 billion RMB in debt [9][13]. - The total scale of Sunac's offshore debt is approximately 9.55 billion USD, equivalent to 680 billion RMB [13]. - The restructuring plan involves converting debt into equity, effectively turning creditors into shareholders, which could lead to a substantial reduction in debt [14][25]. - The company has successfully restructured 900 billion RMB in debt over the past three years, with a total debt reduction exceeding 750 billion RMB if the offshore debt is successfully restructured [25][26]. Project Performance - Sunac's land reserves are concentrated in first- and second-tier cities, with some projects performing strongly, such as the Shanghai One No. 1 project, which sold over 17 billion RMB in the first half of the year [30][31]. - The company has initiated a project-level debt restructuring and asset revitalization strategy, focusing on individual projects to improve financial health [34][35]. Future Development Strategy - Sun Hongbin has stated that the company will concentrate on first- and second-tier cities and improve product quality, moving away from expanding into numerous cities [46]. - Sunac has a substantial land reserve of 1.27 million square meters as of the end of last year, but the challenge lies in revitalizing these projects with limited funds [47]. - The company plans to deliver 60,000 units this year, which is only one-third of last year's deliveries [48]. Team Stability and Operational Improvements - The company faces challenges in retaining its core team, with several key executives leaving since the liquidity crisis began [51]. - A "team stability plan" has been proposed, which includes issuing new shares to core employees as part of their compensation [52]. - Sunac is also exploring new revenue streams through cultural tourism and property management, with projected revenues exceeding 12 billion RMB in 2024 [53][56].