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]

融创中国控股有限公司是一家香港上市公司，主营业务为房地产开发、物业管理、冰雪运营管理、文 旅、文化等业务，已经发展成中国房地产行业的头部企业及中国领先的冰雪产业运营服务商、文旅产业 运营商和物业持有者。经过20年的发展，公司具有全国领先的综合城市开发与产业整合运营能力，并坚 持产品引领和创新，积极履行企业社会责任。 作者：行情君 8月15日，融创中国(01918)盘中上涨2.65%，截至10:13，报1.55元/股，成交3.04亿元。 截至2024年年报，融创中国营业总收入740.19亿元、净利润-256.95亿元。 本文源自：金融界 ...

Core Insights - The policy-driven recovery and adjustments by real estate companies are beginning to show results, with 13 out of 20 companies reporting an increase in sales prices year-on-year, despite overall sales not showing significant improvement [1] - The focus on first and second-tier cities for land acquisition is a common strategy among companies, leading to improved sales performance in core areas [1][3] - The increase in sales prices is closely linked to the adjustment of land acquisition strategies, with many companies expressing intentions to optimize their land reserves in high-demand urban areas [3][4] Sales Performance - In July, several companies reported significant year-on-year increases in sales prices, with融创中国 experiencing the highest increase at 97.25% [3] - Other companies like越秀地产,华润置地, and招商蛇口 saw increases of approximately 47.44%, 35.68%, and 30.1% respectively [3] - The sales figures for融创中国 from May to July 2025 showed substantial growth, with increases of 111.45%, 383.97%, and 8.51% compared to the same months in the previous year [6] Land Acquisition Strategies - Companies are increasingly focusing on acquiring land in first and second-tier cities, with越秀地产 investing over 80% of its total investment in these areas [4] - In 2025,中国金茂 acquired three land parcels in Beijing for approximately 234.1 billion yuan, emphasizing its strategy to deepen its presence in core urban areas [4] - The trend of optimizing land reserves is expected to enhance the ability of companies to improve product quality and meet market demand [5] Market Recovery and Policy Support - The continuous improvement in housing policies, such as adjustments to loan limits and down payment requirements, is expected to stimulate demand and enhance market activity [7] - The introduction of favorable policies in cities like Beijing and Harbin is aimed at reducing the barriers to home buying, thereby increasing buyer confidence and market activity [7] - The recovery in specific market segments is anticipated to have a positive ripple effect on the overall real estate market, fostering sustained growth [8]

格隆汇8月14日丨融创中国(01918.HK)公告，公司将于2025年8月26日(星期二)举行董事会会议，以考虑 及批准(其中包括)公司及其附属公司截至2025年6月30日止6个月中期业绩及其发布。 ...

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份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。 融創中國控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2025年 8月26日（星期二）舉行董事會會議，以考慮及批准（其中包括）本公司及其附屬公司截 至2025年6月30日止六個月之中期業績及其發佈。 承董事會命 融創中國控股有限公司 主席 孫宏斌 於本公告日期，本公司執行董事為孫宏斌先生、汪孟德先生、馬志霞女士、田強先生、黃書平先生及 孫喆一先生；本公司非執行董事為林懷漢先生；及本公司獨立非執行董事為潘昭國先生、竺稼先生、 馬立山先生及袁志剛先生。 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） 董事會會議召開日期 香港，2025年8月14日 ...

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 03990 | 美的置业 | 4.770 | 13.03% | | 03900 | 绿城中国 | 11.160 | 4.40% | | 01918 | 融创中国 | 1.530 | 3.38% | | 03377 | 远洋集团 | 0.110 | 3.77% | | 02777 | 富力地产 | 0.870 | 3.57% | | 01030 | 新城发展 | 2.760 | 3.76% | | 03380 | 龙光集团 | 0.920 | 3.37% | | 09993 | 金辉控股 | 2.900 | 3.20% | | 01109 | 华润置地 | 32.640 | 2.64% | | 00688 | 中国海外发展 | 14.470 | 2.70% | | 02772 | 中梁控股 | 0.083 | 2.47% | | 02202 | 万科企业 | 5.210 | 2.36% | | 00081 | 中国海外宏洋集 | 2.270 | 2.25% | | 03383 | 雅居乐集团 | 0.47 ...

每经AI快讯，8月11日，港股内房股普遍上涨，龙湖集团、华润置地、融创中国涨2%，建发国际集团、 中国金茂、越秀地产、万科企业、碧桂园、富力地产均涨超1%。 ...

中信建投证券研报指出，北京进一步优化限购和公积金政策，京籍居民及社保或个税满2年的非京籍居 民购买五环外住房不再限制套数；同时无公积金贷款或有1次且已结清的家庭可执行首套公积金贷款政 策，且公积金二套家庭贷款额度由60万元提升至100万元。北京作为一线城市，此次出台楼市新政信号 意义重大，楼市止跌回稳态势有望持续巩固。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 00960 | 龙湖集团 | 10.360 | 2.07% | | 01918 | 融创中国 | 1.500 | 2.04% | | 01109 | 华润置地 | 30.380 | 2.01% | | 01908 | 建发国际集团 | 17.420 | 1.46% | | 00817 | 中国余茂 | 1.520 | 1.33% | | 00123 | 越秀地产 | 4.850 | 1.25% | | 02202 | 万科企业 | 5.080 | 1.20% | | 02777 | 富力地产 | 0.880 | 1.15% | | 02007 | 碧桂园 | 0.470 | 1 ...

Core Viewpoint - The restructuring of real estate companies has entered a critical phase, with an increasing focus on debt reduction and debt-to-equity swaps becoming mainstream, facilitating risk clearance in the industry [1][3]. Group 1: Debt Restructuring Trends - As of August 4, 2025, 60 distressed real estate companies have disclosed progress in debt restructuring or bankruptcy reorganization, with 42 companies reporting restructuring, and 16 completing all or part of their debt restructuring [5][19]. - Among the 16 companies that completed restructuring, 8 received approval for their plans in 2025, indicating a significant acceleration in the pace of debt restructuring [5][19]. - Four companies have initiated bankruptcy reorganization, while five H-share companies have been ordered to liquidate [6][19]. Group 2: Debt-to-Equity Swaps - Debt-to-equity swaps are becoming a standard feature in restructuring plans, with cash buybacks, debt extensions, and debt-to-equity swaps being the primary methods employed [9][19]. - Most companies are targeting a debt reduction ratio of around 70%, and the time taken for plan approvals has decreased [9][19]. Group 3: Characteristics of Restructuring Plans - Each company's restructuring plan has unique features, with the core objective being debt reduction [15][19]. - Notable examples include Longguang's successful restructuring of 22 billion yuan in domestic debt within 20 days, and Sunac's full debt-to-equity swap for its offshore debt, aiming for a win-win situation [15][19]. - Jinke's bankruptcy reorganization is nearing completion, with 2.6 billion yuan in investment funds fully received [15][19]. Group 4: Industry Risk Clearance - The progress in debt restructuring reflects the ongoing negotiation and balance between real estate companies and their creditors, with the goal of achieving a stable market [16][18]. - The central government has introduced measures to stabilize the real estate market, which is expected to support companies in returning to normal operations post-restructuring [18].