智通财经APP讯，融创中国(01918)发布公告，于2026年1月27日，根据于2025年12月23日发行2026年到 期的零票息强制可转换债券("强制可转换债券1")配发及发行约8.99亿股新股。 ...

融创中国(01918)发布公告，于2026年1月27日，根据于2025年12月23日发行2026年到期的零票息强制可 转换债券("强制可转换债券1")配发及发行约8.99亿股新股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 呈交日期： 2026年1月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01918 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事 ...

Group 1 - The core viewpoint of the articles highlights the significant progress in debt restructuring for real estate companies in early 2026, continuing the trend from 2025 where major firms like Sunac China and Country Garden successfully restructured debts totaling approximately 1.2 trillion yuan [1][5]. - In January 2026, several companies, including Vanke and Kaisa, announced important developments in their debt restructuring processes, indicating a positive start to the year [2][3]. - The "white list" financing system for real estate projects has been optimized, extending the loan extension period from a maximum of 2.5 years to 5 years, providing companies with more financial flexibility [1][7]. Group 2 - Vanke's debt restructuring plan includes a combination of fixed payments, cash buybacks, and interest prepayments, which has garnered high approval from bondholders [2][3]. - Kaisa's restructuring has entered a critical judicial phase, as indicated by a ruling from the Hong Kong High Court, marking a significant step in its overseas debt restructuring [3]. - The debt restructuring efforts have been characterized as a "blood transfusion" for companies, addressing immediate liquidity crises while emphasizing the need for companies to restore their operational capabilities [5]. Group 3 - The debt restructuring process has seen major milestones, such as Jinke's judicial restructuring involving 147 billion yuan in debt, which is the largest case in the real estate sector [4]. - Sunac China is expected to reduce its overall debt pressure by nearly 60 billion yuan, while Country Garden's overseas debt restructuring aims to reduce approximately 11.7 billion USD, equivalent to about 84 billion yuan in interest-bearing debt [4]. - The "white list" financing mechanism has been crucial in supporting real estate companies, with over 7 trillion yuan in loan approvals by September 2025, facilitating the construction and delivery of nearly 20 million housing units [6][7].

Core Viewpoint - The real estate industry is experiencing a significant debt restructuring process in early 2026, with multiple companies making important progress in their debt resolution efforts, indicating a continuation of the trend from 2025 [1][2]. Group 1: Debt Restructuring Progress - In January 2026, companies such as Vanke, Road King, and Fantasia have disclosed important developments in their debt restructuring [2][3]. - Vanke's debt restructuring plan includes a combination of fixed payments, cash buybacks, and interest prepayments, which has garnered high approval from bondholders [2]. - Fantasia's restructuring has entered a critical judicial phase, as indicated by a ruling from the Hong Kong High Court [3]. Group 2: Scale of Debt Restructuring - In 2025, significant progress was made in debt restructuring, with 21 distressed real estate companies completing their restructuring, amounting to a total debt relief of approximately 1.2 trillion yuan [5]. - Jin Ke Co., for instance, completed a judicial restructuring involving a debt scale of 147 billion yuan, marking it as the largest case in the industry [4]. - Sunac China and Country Garden have also successfully implemented their debt restructuring plans, with Sunac reducing its overall debt pressure by nearly 60 billion yuan [4]. Group 3: Policy Support - The "white list" financing mechanism has been crucial in supporting the debt restructuring efforts, allowing for a shift from relying on company credit to focusing on project assets [6][7]. - As of January 2026, the loan extension period for qualifying "white list" projects has been increased from 2.5 years to 5 years, providing companies with more financial flexibility [7]. - This policy change is expected to enhance the operational stability of quality private real estate companies, allowing them to diversify their business and mitigate risks [7].

Group 1: Debt Restructuring Progress - In January 2026, several real estate companies, including Vanke, Road King, and Fantasia, reported significant progress in debt restructuring, continuing the trend from 2025 [1][3] - A total of 21 distressed real estate companies completed debt restructuring or received approval for reorganization in 2025, with a total debt relief scale of approximately 1.2 trillion yuan [1][6] - The restructuring efforts are seen as a necessary step to alleviate liquidity crises, with a focus on restoring companies' operational capabilities [6] Group 2: Policy Support and Financing Mechanisms - The "white list" system for real estate financing was optimized in January 2026, extending the loan extension period for eligible projects from a maximum of 2.5 years to 5 years, providing companies with more financial flexibility [1][8] - The "white list" mechanism has been crucial in supporting distressed companies, with over 7 trillion yuan in loan approvals by September 2025, facilitating the construction and delivery of nearly 20 million housing units [7][8] - Analysts suggest that the extended loan terms will benefit financially healthier private real estate companies, allowing them to stabilize operations and diversify their business [9] Group 3: Case Studies of Successful Restructuring - Jin Ke Co., Ltd. completed a judicial reorganization in December 2025, involving a debt scale of 147 billion yuan and covering over 8,400 creditors, marking it as the largest judicial reorganization case in the real estate sector [5] - Sunac China is expected to reduce its overall debt pressure by nearly 60 billion yuan through its restructuring efforts, while Country Garden aims to reduce its offshore debt by approximately 11.7 billion USD, equivalent to about 84 billion yuan [5] Group 4: Market Confidence and Recovery - The debt restructuring process is viewed as a "blood transfusion" to address temporary liquidity issues, while the long-term solution lies in restoring companies' operational capabilities and ensuring project deliveries [6] - The synergy between debt restructuring and project delivery is expected to rebuild market confidence, creating a positive cycle of trust restoration, sales recovery, and capital replenishment [6]

Group 1: Debt Restructuring Progress - In January 2026, several real estate companies, including Vanke, Road King, and Fantasia, reported significant progress in debt restructuring, continuing the trend from 2025 [1][3] - In 2025, 21 distressed real estate companies completed debt restructuring, with a total debt relief of approximately 1.2 trillion yuan [1][6] - The restructuring efforts are seen as a transition from addressing immediate liquidity crises to a more comprehensive resolution of debt risks in the real estate sector [5] Group 2: Policy Support and Financing Mechanisms - The "white list" financing system for real estate projects was optimized in January 2026, extending the loan extension period from 2.5 years to 5 years, providing companies with more financial flexibility [1][8] - The "white list" system has facilitated over 7 trillion yuan in loan approvals by September 2025, supporting nearly 20 million housing units [7] - The recent policy changes are expected to benefit financially healthier private real estate companies, allowing them to stabilize operations and diversify their business [9] Group 3: Specific Company Developments - Vanke announced a bond buyback plan on January 21, 2026, offering to repay 40% of the principal of certain bonds while extending the remaining 60% for one year, which was well-received by bondholders [3][4] - Fantasia's restructuring has entered a critical judicial phase, with the Hong Kong High Court approving a meeting for creditors to discuss the restructuring plan [4] - Jin Ke Co. completed a judicial restructuring in December 2025, involving a debt scale of 147 billion yuan, marking it as the largest case in the real estate sector [5]

随着债务重组的完成，融创中国的经营修复已迈入业务重启的实质性阶段。1月25日，北京商报记者了 解到，融创中国位于天津的梅江地块项目近期已完成开发主体的股权变更，并由中信信托全面接手。据 知情人士透露，该项目开发公司"天津融创致成"的股权已于2026年1月19日发生变更。原股东全部退 出，中信信托以全资股东身份入场，实现了对项目公司的完全控制。这标志着融创中国在获得中信体 系"全周期、全链条"支持后，首个重大合作项目已进入落地执行环节，也被视为融创中国穿越债务周 期、恢复正常经营的关键一步。 作为曾经以激进并购快速扩张的行业巨头，融创中国于2022年5月公开债务违约。在创始人孙宏斌的带 领下，目前融创中国已完成包括境内债重组、近600亿元债务压降以及境外债"债转股"等一系列操作。 随着2025年孙宏斌两度公开现身并传递聚焦业务的信号，融创中国的经营重心正从风险化解转向常态运 营。 标志性项目重启 1月25日，北京商报记者获悉，融创中国与中信集团合作重启的天津梅江地块，其项目开发主体"天津融 创致成"已于2026年1月19日完成股权变更。原股东全部退出，中信信托以全资股东身份入场，实现对项 目公司的完全控制。这标 ...

随着债务重组的完成，融创中国的经营修复已迈入业务重启的实质性阶段。1月25日，北京商报记者了 解到，融创中国位于天津的梅江地块项目近期已完成开发主体的股权变更，并由中信信托全面接手。据 知情人士透露，该项目开发公司"天津融创致成"的股权已于2026年1月19日发生变更。原股东全部退 出，中信信托以全资股东身份入场，实现了对项目公司的完全控制。这标志着融创中国在获得中信体 系"全周期、全链条"支持后，首个重大合作项目已进入落地执行环节，也被视为融创中国穿越债务周 期、恢复正常经营的关键一步。 作为曾经以激进并购快速扩张的行业巨头，融创中国于2022年5月公开债务违约。在创始人孙宏斌的带 领下，目前融创中国已完成包括境内债重组、近600亿元债务压降以及境外债"债转股"等一系列操作。 随着2025年孙宏斌两度公开现身并传递聚焦业务的信号，融创中国的经营重心正从风险化解转向常态运 营。 标志性项目重启 1月25日，北京商报记者获悉，融创中国与中信集团合作重启的天津梅江地块，其项目开发主体"天津融 创致成"已于2026年1月19日完成股权变更。原股东全部退出，中信信托以全资股东身份入场，实现对项 目公司的完全控制。这标 ...

Core Viewpoint - The collaboration between Sunac China and CITIC has been deepened to restart the Tianjin Meijiang land project, leveraging existing partnerships and resources [1] Group 1: Project Overview - The Meijiang land is recognized as a high-end residential core area in Tianjin, surrounded by 2.6 million square meters of ecological green space and numerous urban landmarks [1] - The area has hosted significant international events such as the World Intelligence Congress and the World Economic Forum, enhancing its profile [1] Group 2: Financial and Consulting Support - CITIC's subsidiaries, including CITIC Financial Assets, CITIC Trust, and CITIC Bank, will provide comprehensive financial support and services throughout the project lifecycle [1] - CITIC Urban Development and CITIC Industry will offer professional consulting services, while CITIC Construction will ensure international-level construction quality and guarantees [1] Group 3: Government Support - The collaboration has received support from various levels of the Tianjin government, marking a significant example of central-local cooperation [1]