Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall delivery capacity of major real estate companies in China is expected to decrease in 2024 compared to 2023, with nearly 60% of companies experiencing a decline of over 30% in delivery scale, and a median decline of 38% [14] - The central government has increased loan support for "white list" projects to enhance delivery capabilities, with over 5 trillion yuan approved for loans, aiming to deliver 3.73 million housing units by the end of 2024 [13] - The focus of real estate companies is shifting from product design to quality delivery and customer experience, indicating a trend towards a more integrated delivery and service system [17][21] Summary by Sections Delivery Capacity Rankings - The report lists the top 30 real estate companies in China based on their delivery capacity for 2024, with Green City China, China Overseas Property, and China Resources Land leading the rankings [2] Delivery Scale and Performance - The delivery scale of major real estate companies is shrinking, with significant reductions in the number of units delivered compared to previous years, reflecting ongoing market challenges [14][15] - Specific companies such as Country Garden and Sunac China are highlighted for their delivery volumes, with Country Garden delivering approximately 380,000 units [15] Product and Service Integration - The report emphasizes the importance of integrating delivery with service, moving from merely delivering products to enhancing the overall living experience for residents [21][23] - Companies are increasingly focusing on creating community engagement and personalized services to improve customer satisfaction post-delivery [21] Quality of Delivery - The report identifies a trend towards enhancing the quality of both indoor and outdoor delivery, with a focus on functional upgrades and aesthetic improvements [19][20] - Projects that have previously won awards for their product quality are noted for their strong delivery performance, setting benchmarks for high-quality delivery in the industry [22][23]

Group 1: Real Estate Events - The 2025 Beijing Commodity Housing Exhibition opened at Shougang International Exhibition Center, featuring over 70 participating institutions from various sectors including real estate, finance, and home decoration [1] - The exhibition includes both offline activities from April 29 to 30 and an online event running until May 5, accessible through multiple internet platforms [1] Group 2: Long-term Housing Standards - Changchun released the "Good House" evaluation standards and pilot implementation plan, aiming to enhance housing quality and living standards [2] - The plan includes policies such as prioritizing quality land supply, optimizing approval processes, and providing financing convenience [2] - Ten pilot projects will be selected by 2025, involving major developers to create a demonstration effect [2] Group 3: Company Financial Performance - Sunac China reported a revenue of 74.02 billion yuan for 2024, with a gross profit of 2.89 billion yuan and a reduction in interest-bearing debt to 259.67 billion yuan [3] - China Railway Construction Corporation (CRCC) achieved a revenue of 1.067 billion yuan in 2024, a decrease of 6.22%, with a net profit of 22.215 million yuan, down 14.87% year-on-year [4] - New城控股 reported a revenue of 88.999 billion yuan for 2024, a decline of 25.32%, but a net profit of 0.752 billion yuan, an increase of 2.07% [5]

Core Viewpoint - Sunac China has made significant progress in debt restructuring, but its financial performance for 2024 shows a substantial loss despite an increase in gross profit from property management and cultural tourism segments [1][3][7]. Financial Performance - In 2024, Sunac China reported a revenue of 74.02 billion yuan, a decrease of 52% year-on-year, with property sales accounting for approximately 82.8% of total revenue [3][5]. - The company recorded a loss attributable to shareholders of about 25.7 billion yuan, widening from a loss of approximately 7.97 billion yuan in 2023 [1][3]. - Gross profit reached approximately 2.89 billion yuan, an increase of about 5.39 billion yuan compared to the previous year, resulting in a gross margin of 3.9%, up from -1.6% in 2023 [3][5]. Debt Restructuring - Sunac China successfully completed a domestic debt restructuring in November 2024, reducing its interest-bearing debt by 18.16 billion yuan to 259.67 billion yuan, with an expected 70% reduction in domestic corporate debt [7][8]. - The company is actively seeking comprehensive solutions for its overseas debt issues, having appointed financial and legal advisors for this purpose [7]. Asset Management and Project Delivery - The company has a total land reserve of 12,776 million square meters, with 8,756.5 million square meters of equity land reserves, including approximately 9,342 million square meters of unsold land, primarily located in major cities [5][11]. - In 2024, Sunac delivered approximately 170,000 housing units across 84 cities, with a cumulative delivery of about 668,000 units over the past three years [12]. Revenue from Non-Core Segments - The "Property Management + Cultural Tourism" segments generated over 12 billion yuan in revenue, increasing their contribution to total revenue from 8.1% in 2023 to 16.3% in 2024 [1][8]. - The cultural tourism segment alone achieved revenue of approximately 5.21 billion yuan, with a 7% increase in visitor numbers to 167 million [8][11].

Group 1: Company Overview - In 2024, Sunac China Holdings Limited became the first real estate company to complete domestic debt restructuring and the only one to achieve equity financing [2] - The company reported revenue of 74.02 billion yuan and a gross profit of 2.89 billion yuan for the reporting period [2] - Interest-bearing debt decreased to 259.67 billion yuan, down by 18.16 billion yuan from the end of 2023 [2] Group 2: Debt Restructuring and Financial Strategy - Sunac completed its domestic bond restructuring within 50 days, reducing over 50% of its domestic corporate debt, with a total scale of 15.4 billion yuan [4] - The company has appointed financial and legal advisors to seek comprehensive solutions for overseas debt [4] - The successful completion of the restructuring has positioned Sunac as a leader in addressing debt risks in the real estate sector [4] Group 3: Operational Performance - Sunac prioritized "ensuring delivery" as its main operational task, delivering 170,000 units across 84 cities in 2024, with cumulative deliveries exceeding 668,000 units over the past three years [4] - The company has made significant progress in asset management, maintaining a net asset value of 55.15 billion yuan after accounting for over 92 billion yuan in impairment [6] Group 4: Land Reserves and Market Position - As of the end of 2024, Sunac's total land reserve area was approximately 127.76 million square meters, with equity land reserves of about 87.57 million square meters [7] - The company is well-positioned in core first- and second-tier cities, which are expected to stabilize first in 2025 [7] Group 5: Diversification and Revenue Growth - Sunac's service and cultural tourism segments have shown robust growth, with service revenue reaching 6.97 billion yuan, and third-party revenue accounting for 98% of total service income [7][8] - The cultural tourism segment generated 5.21 billion yuan in revenue, with a 7% increase in visitor numbers to 167 million [8]

公告表示，目前融创持续专注于物业项目的竣工交付及销售业绩的提升，并且积极开展风险化解工作， 保证集团的业务稳定及可持续运营。2024年，集团继续向保交付困难项目的属地政府申请保交楼专项借 款，同时积极申请银行配套融资及"白名单项目"融资以满足项目开发建设所需资金。截至目前，融创获 得各地政府批准的保交楼专项借款审批金额约218亿元，获得银行配套融资审批金额约104亿元，以 及"白名单项目"融资审批金额23亿元。此外，集团2024年通过引入资产管理公司合作开发项目获得资金 审批金额约61亿元。融创未来将继续通过物业销售回款，及申请保交楼专项借款、银行配套融资、"白 名单项目"融资及与金融机构合作等方式获得营运资金。 公告指出，2024年，融创积极化解债务风险，并取得显著进展。截至目前，境内公开市场债务重组方案 已全部经相关债券持有人会议审议通过，2025年将全力完成方案落地和执行。针对境外债务，集团已委 任财务顾问及法律顾问，在顾问的协助下进一步寻求更加全面的境外债务综合解决方案，争取在下一个 阶段彻底化解境外债务风险。对于项目层面融资，部分由于市场下滑造成还款有困难的，集团持续与金 融机构积极沟通推进展期方案 ...

Core Viewpoint - Sunac China reported a revenue of 74.02 billion yuan for 2024, a decrease of approximately 52% year-on-year, while actively working on debt resolution and project delivery [2] Financial Performance - For the fiscal year 2024, Sunac China achieved a revenue of 74.02 billion yuan, down from the previous year [2] - The company reduced its interest-bearing debt by 18.16 billion yuan to 259.67 billion yuan [2] - Sunac China reported a loss attributable to shareholders of approximately 25.70 billion yuan, compared to a loss of 7.97 billion yuan in the previous year [2] - The gross profit for 2024 was 2.89 billion yuan, recovering from a gross loss of approximately 2.50 billion yuan in the prior year [2] Operational Strategy - The company focused on project completion and delivery, successfully delivering around 170,000 housing units across 84 cities in 2024, ranking among the top three in the industry [2] - Sunac China implemented various strategies to manage debt risks and optimize operational efficiency, including reducing administrative expenses and enhancing product competitiveness [2][3] Debt Restructuring - Sunac China secured approvals for special loans and financing totaling approximately 34.5 billion yuan to support project development and delivery [3] - The company completed a domestic debt restructuring of 15.4 billion yuan, significantly reducing its domestic debt burden by about 70% [3] Future Outlook - For 2025, Sunac China aims to complete the delivery of 60,000 housing units and finalize its debt restructuring plans [4] - The company is actively seeking comprehensive solutions for its overseas debt issues with the assistance of financial and legal advisors [4] - Sunac China holds substantial land reserves of approximately 127.76 million square meters, primarily located in first- and second-tier cities, which will support its recovery efforts [4][5]

Financial Performance - The group's revenue for the year was approximately RMB 74.02 billion, representing a decrease of about 52% compared to the previous year[2]. - The group's gross profit was approximately RMB 2.89 billion, recovering from a gross loss of approximately RMB 2.50 billion in the previous year[2]. - The loss attributable to the company's owners was approximately RMB 25.70 billion, significantly increasing from a loss of approximately RMB 7.97 billion in the previous year[5]. - The group reported a net loss of approximately RMB 27.4 billion for the year ending December 31, 2024, with current liabilities netting around RMB 53.52 billion[15]. - The total revenue from property development for the year ending December 31, 2024, is RMB 61,234,808,000, while the total revenue from all segments amounts to RMB 74,109,675,000[30]. - The group reported a net loss of RMB 15,976,806,000 across all segments for the year ending December 31, 2024[30]. - The company reported a significant increase in financial costs, which rose to RMB 11,831,772 thousand in 2024 from RMB 6,299,861 thousand in 2023, marking an increase of approximately 88%[32]. - The company reported a net loss attributable to shareholders of RMB 25,695.2 million, compared to a net loss of RMB 7,968.9 million in 2023, indicating a significant increase in losses[52]. Assets and Liabilities - The group's total assets amounted to approximately RMB 882.88 billion, compared to RMB 977.85 billion in the previous year[9]. - The total liabilities as of December 31, 2024, were RMB 264,713,015 thousand, down from RMB 281,957,998 thousand in 2023, a decrease of about 6.1%[40]. - The total borrowings of the group were approximately RMB 259.67 billion, a decrease of about RMB 18.16 billion from RMB 277.83 billion at the end of the previous year[2]. - The total equity attributable to the company's owners was approximately RMB 40.52 billion as of December 31, 2024, down from RMB 62.43 billion in the previous year[9]. - The total land reserve, including joint ventures and associates, was approximately 127.76 million square meters, with unsold land reserves of about 93.42 million square meters[91]. Cash Flow and Liquidity - As of December 31, 2024, the group's cash balance was approximately RMB 19.75 billion, down from RMB 24.62 billion at the end of the previous year[2]. - As of December 31, 2024, the company had a cash balance of approximately RMB 19.75 billion, while total borrowings amounted to RMB 186.09 billion, raising concerns about liquidity[58]. - The group has successfully negotiated a debt restructuring plan for domestic bonds, extending the repayment period to 5 to 9.5 years and reducing the interest rate to 1%[16]. - The group is actively seeking new financing through various channels, including asset management companies and business collaborations, with several projects already securing additional funding[16]. Operational Strategy - The group aims to accelerate the pre-sale and sale of properties under development and completed projects, responding to market changes and demand[19]. - The company is focusing on project delivery and debt risk resolution while optimizing its management structure and reducing administrative costs to enhance operational efficiency[63]. - The company is actively seeking financing resources to support property project development and delivery, including applying for special loans and exploring debt restructuring options[63]. - The company has implemented a comprehensive market-oriented restructuring plan for domestic public market debt, which has been approved by relevant bondholders[89]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the year ending December 31, 2024[110]. - The audit committee consists of four independent non-executive directors, with a focus on reviewing financial reporting procedures and risk management systems for the year ending December 31, 2024[111]. - The board emphasizes the importance of good corporate governance and has established internal reporting systems to monitor operational and business developments[110]. - The board of directors includes both executive and independent non-executive members, ensuring a balanced governance structure[115]. Market and Industry Position - The company’s real estate development operations are primarily located in key cities across the Yangtze River Delta, Bohai Rim, South China, Central, and Western regions[61]. - The group continues to solidify its leadership position in the snow sports sector, with the opening of its ninth indoor ski resort in Wuhan and projects in Suzhou, Zhengding, and Shenzhen entering the preparation phase for operations expected in 2025[92]. - The property management segment, Sunac Services, achieved revenue of approximately RMB 6.97 billion, with third-party revenue contributing about RMB 6.80 billion, reflecting a year-on-year growth of approximately 5.6%[91].

Core Viewpoint - Sunac China (01918) has issued a profit warning, expecting a significant annual loss of approximately RMB 255 billion to RMB 260 billion for the fiscal year ending December 31, 2024, which is a substantial increase from the previous year's loss of RMB 79.7 billion [1] Financial Performance - The anticipated loss for the current fiscal year includes gains from domestic debt restructuring [1] - The increase in loss is primarily attributed to market downturns, leading to a significant reduction in revenue recognition and the need for asset impairment provisions and contingent liability provisions [1] - Excluding the impact of debt restructuring gains, the expected loss for the current year is projected to be lower than the previous year [1]

该公司2028年9月到期的美元债每1美元面值买价报11.2美分，走低约0.3美分。 财联社1月9日电，融创中国周四在香港早盘续跌，其在过去五个交易日股价累计跌幅近25%。 截至发稿，融创中国跌1.14%，报1.73港元。 ...

财联社1月7日电，记者获悉，融创中国将进行二次境外债重组，最快3月份可以有初步重组方案。 有债权人告诉记者，融创中国方面告知或将无法按时兑付2025年9月到期的美元债，公司正在研究可替 代的方案，但目前还未形成方案。 (澎湃新闻) ...