Core Viewpoint - Sunac China (01918) has announced that approximately 75% of creditors holding existing debt have joined the restructuring support agreement as of June 24, 2025, committing to vote in favor of the plan at the scheduled meeting [1] Group 1: Restructuring Details - The restructuring will involve the company's offshore debt, with an estimated total debt claim (including principal and accrued unpaid interest, excluding default interest) amounting to approximately $9.552 billion as of June 30, 2025, subject to verification by the plan administrator [1] - The restructuring will include the release of the company's debt and certain obligations of other entities within the group [1] Group 2: Convertible Bond Issuance - The company plans to issue two series of mandatory convertible bonds as consideration for the cancellation of existing debt and the release of related claims, with the total principal amount equivalent to the total claims of all plan creditors [2] - Creditors will have the option to choose between the two series of convertible bonds or a combination of both, subject to the terms of the restructuring support agreement [2] Group 3: Related Convertible Bonds - Mandatory convertible bonds will be issued to Sunac International as a plan creditor, which will convert into mandatory convertible bonds during the restructuring [3] - Additionally, convertible bonds will be issued to Mr. Sun Hongbin to maintain the stability of the shareholding structure and ensure his continued contribution to the group's operations and debt risk mitigation [4] Group 4: Team Stability Plan - The company aims to adopt a team stability plan to ensure a capable and stable team is in place for ongoing operations and long-term recovery, which includes granting shares to selected employees as a long-term supplement to their compensation [5] - This plan is intended to incentivize recipients to continue contributing to the group's operations and development [5] Group 5: Increase in Authorized Share Capital - The board of directors proposes to seek shareholder approval to increase the authorized share capital from HKD 1.5 billion (150 billion shares) to HKD 3 billion (300 billion shares) to facilitate the transactions under the restructuring, including the issuance of convertible bonds [6] - This increase is deemed to be in the overall interest of the company and its shareholders, providing more flexibility for future fundraising [7]

Core Viewpoint - Sunac China Holdings Limited is undergoing a debt restructuring process, with approximately 75% of existing debt holders agreeing to a restructuring support agreement, which includes a total estimated debt claim of $9.552 billion as of June 30, 2025 [1] Group 1: Debt Restructuring - The restructuring support agreement involves the release of the company's debts and certain obligations of other entities within the group [1] - The restructuring will include the issuance of two series of mandatory convertible bonds to the plan creditors as a means to extinguish existing debts [2] - The total principal amount of the mandatory convertible bonds will equal the total debt owed to the plan creditors, with options for creditors to choose between different series of bonds [2] Group 2: Shareholder and Management Plans - The company plans to issue mandatory convertible bonds to its major shareholder, Sun Hongbin, to maintain a stable equity structure and ensure his continued contribution to the group's operations and debt risk mitigation [3] - A team stability plan is proposed to incentivize selected employees through the issuance of new shares as a long-term supplement to their compensation, aimed at ensuring a stable and capable team for the company's recovery [4] Group 3: Capital Increase Proposal - The board of directors proposes to increase the authorized share capital from HKD 1.5 billion (150 billion shares) to HKD 3 billion (300 billion shares) to facilitate the restructuring transactions, including the issuance of mandatory convertible bonds [5] - This increase in authorized share capital is deemed to be in the overall interest of the company and its shareholders, providing more flexibility for future fundraising [6]

Group 1 - The company announced that approximately 75% of creditors holding existing debt have joined the restructuring support agreement as of June 24, 2025 [1] - The estimated total debt claim amount, including principal and accrued unpaid interest, is approximately $9.55 billion as of June 30, 2025, subject to verification by the plan administrator [1] - The restructuring will involve the cancellation of existing debts and certain obligations of other entities within the group [1] Group 2 - As part of the restructuring, two series of mandatory convertible bonds will be distributed to plan creditors as consideration for the cancellation of existing debts, with the total principal amount equivalent to the total claims of all plan creditors [1] - The company plans to apply for the listing and quotation of the mandatory convertible bonds on the new exchange [1] Group 3 - The company intends to distribute restricted shares to major shareholders or their designated persons to maintain the equity structure stability, ensuring the continued contribution of key individuals to the group's debt risk resolution and long-term business recovery [2] - According to the equity structure stability plan, for every $100 principal of mandatory convertible bonds allocated to plan creditors (excluding those belonging to the company), $23 will be issued to key individuals [2] Group 4 - The board of directors proposes to seek shareholder approval at a special general meeting to increase the authorized share capital from HKD 1.5 billion (15 billion shares) to HKD 3 billion (30 billion shares) by adding an additional 15 billion unissued shares [3]

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公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告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。 本公告僅供參考，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。 本公告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出。該招股 章程將載有進行提呈發售的公司以及其管理層及財務報表的詳細資料。本公司並無計劃在美國公開發 售任何證券。 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） 1.擬進行的重組相關交易（其中包括）： (1)根據特別授權發行強制可轉換債券； (2)關連交易－向主要股東發行強制可轉換債券； (3)採納團隊穩定計劃；及 2.建議增加法定股本 1. 背景 ...

Group 1 - The core point of the article is that the fifth batch of Shanghai One Mansion, developed by a collaboration of CITIC, New Lake, and Sunac, has completed its subscription phase with a high demand [1] - A total of 66 large units ranging from 315 to 1115 square meters were offered in this batch, achieving a subscription rate exceeding 200% [1] - The official opening of the fifth batch of Shanghai One Mansion is scheduled for August 23 [1]

Group 1 - As of early August, 42 out of 60 distressed real estate companies have disclosed debt restructuring progress, with 16 completing full or partial debt restructuring [1] - The current restructuring trend has shifted from "extension" to "debt reduction," with companies like Sunac China reducing over 50% of their 154 billion yuan debt [1] - Longguang Group's 219 billion yuan debt restructuring plan was approved by creditors within 20 days, utilizing asset swaps and cash buybacks [1] Group 2 - Major real estate companies are achieving breakthroughs in risk resolution through judicial reorganization, with Jinke Properties being the first nationwide listed company to complete this process, involving 147 billion yuan in debt and over 8,400 creditors [1] - The "judicial reorganization + strategic investment" model adopted by Jinke Properties has attracted strategic capital, facilitating its transformation into a comprehensive real estate operator [1] - Despite the acceleration of restructuring, companies like R&F Properties and Contemporary Land still face challenges, highlighting the importance of sales recovery and operational capability [2] Group 3 - By 2025, real estate companies will face 525.7 billion yuan in maturing debt, with a peak repayment of 157.4 billion yuan in the third quarter, indicating that market recovery will influence the effectiveness of restructuring [2] - The industry is transitioning from "effective resolution" to "systematic recovery," emphasizing the need for companies to improve both internally and externally for true revitalization [2]

目前，出险的房企中，融创和龙光等房企的境内债重组方案获 得持有人投票通过，远洋和旭辉等房企的境外债重组方案生 效。这些房企在重组过程中的成败得失，也为其他房企进行债 务重组提供了经验和教训。 作者：田国宝 封图：本报资料库 8月13日，上交所和深交所披露了融创中国控股有限公司（01918.HK，下称"融创中国"）境内债重 组最新进展：股票选项申报登记等相关工作已经完成。 2025年1月，融创中国的境内债重组方案获得持有人投票通过，为持有人提供了现金兑付、股票经 济权益、资产抵债和留债等四种选项。4月，现金兑付选项的投资人完成了兑付，8月，股票选项 完成登记。 融创中国是新一轮房企化债的先行者，其境内债重组方案和境外债重组方案均成为其他房企设计重 组方案的模板，比如，为投资人提供重组方案选项及选项的框架内容等，均首次出现在国内债务重 组中。 目前，出险的房企中，融创和龙光等房企的境内债重组方案获得持有人投票通过，远洋和旭辉等房 企的境外债重组方案生效。这些房企在重组过程中的成败得失，也为其他房企进行债务重组提供了 经验和教训。 融创样本 在房地产市场低迷的2022年上半年，融创中国首次面临境外债违约，债务规模高 ...

经济观察报 记者 田国宝 8月13日，上交所和深交所披露了融创中国控股有限公司（01918.HK，下称"融创中国"）境内债重组最新进展：股票选项申报登记等相关工作已经完成。 2025年1月，融创中国的境内债重组方案获得持有人投票通过，为持有人提供了现金兑付、股票经济权益、资产抵债和留债等四种选项。4月，现金兑付选项 的投资人完成了兑付，8月，股票选项完成登记。 融创中国是新一轮房企化债的先行者，其境内债重组方案和境外债重组方案均成为其他房企设计重组方案的模板，比如，为投资人提供重组方案选项及选项 的框架内容等，均首次出现在国内债务重组中。 目前，出险的房企中，融创和龙光等房企的境内债重组方案获得持有人投票通过，远洋和旭辉等房企的境外债重组方案生效。这些房企在重组过程中的成败 得失，也为其他房企进行债务重组提供了经验和教训。 这一设计基于公司基本面评估，旨在通过境外全额债转股，降低企业偿债负担，恢复经营能力。方案公告于4月，并在6月获得约75%境外债权人支持。一位 接近融创中国境外债重组人士介绍，第二轮境外债重组预计9月中旬在香港高等法院召集聆讯；10月召开债权人大会对重组方案进行投票。 模板效应 融创样本 根 ...

Group 1 - The core point of the article is that the price of SUNAC 5.25 09/30/26 bond issued by Sunac China has increased by 4.303% to a current price of 13.273 [1]

Group 1 - The core viewpoint of the article highlights the recent stock performance of Sunac China Holdings Limited, which saw a 2.65% increase in share price, reaching 1.55 yuan per share with a trading volume of 304 million yuan [1] - Sunac China is a Hong Kong-listed company primarily engaged in real estate development, property management, ice and snow operation management, cultural tourism, and other related businesses, establishing itself as a leading player in China's real estate sector and a top operator in the ice and snow industry [1] - As of the 2024 annual report, Sunac China reported total revenue of 74.019 billion yuan and a net loss of 25.695 billion yuan [2]