Core Viewpoint - Ocean Group is undergoing a domestic debt restructuring process, aiming to complete it by the end of 2023, following the successful restructuring of its overseas debt in March 2025 [1][4][9] Debt Restructuring Framework - The proposed domestic debt restructuring includes four options: cash buyback, stock economic rights, asset debt settlement, and long-term debt retention [1][2][3] - Cash buyback involves a maximum of 800 million yuan to repurchase up to 4 billion yuan of outstanding bonds at 20% of their face value [2] - Stock economic rights allow bondholders to receive 208 shares of Ocean stock for every 100 yuan of remaining bond face value, with a planned issuance of up to 2.8 billion HKD [2] - Asset debt settlement includes residential and commercial project options, with varying repayment terms and amounts [2][3] - Long-term debt retention extends the maturity of bonds for 10 years at a 1% interest rate, with semi-annual cash repayments starting in 2031 [3] Financial Challenges and Strategies - Ocean Group faced liquidity issues starting in the second half of 2022, leading to a strategic shift towards a "light and heavy" development approach [1][4][5] - The company aims to complete its delivery obligations and debt restructuring to emerge with a more streamlined operational focus [1][10] - As of the end of 2024, Ocean's interest-bearing liabilities were 96 billion yuan, with two-thirds being short-term debt, necessitating significant debt reduction [8][9] Business Transformation - The company is transitioning towards light asset operations, with a focus on construction and operation services, aiming to rank among the top 10 in the industry by 2025 [5][6] - The transformation involves a cultural shift from heavy asset management to a service-oriented approach, enhancing operational efficiency [6][7] - Ocean Group is employing a differentiated strategy across various cities, adapting its focus based on local market conditions [7] Future Outlook - If the domestic debt restructuring is successful, Ocean Group anticipates completing its debt clearance by 2026, positioning itself as one of the first companies to recover in the sector [10] - The company sees potential for growth in the light asset sector, leveraging its diverse capabilities and backing from major insurance firms for financial support [10]

Core Insights - The top three real estate companies in Shenzhen for the first seven months of 2025 are Hongrongyuan, China Merchants Shekou, and Shenye Group, with sales of 14.26 billion, 8.92 billion, and 5.90 billion yuan respectively [5][6] - The sales thresholds for the top 5, top 10, and top 20 companies are 5.81 billion, 4.31 billion, and 2.77 billion yuan respectively, indicating a competitive market [5][6] Market Performance - New home transactions have decreased, with approximately 2,660 new residential units sold in July 2025, down 18% from the previous month and 22% year-on-year [6][8] - The second-hand housing market has shown signs of recovery, with 4,656 transactions in July, remaining stable compared to the previous month [6][8] Inventory and Sales Cycle - As of the end of July, the inventory of new residential units in Shenzhen was 27,902, an increase of 2,241 units from June, resulting in an average sales cycle of approximately 8.4 months [8][10] Project Performance - There is significant differentiation among projects, with high-quality and competitively priced developments continuing to sell well. Notable projects include Zhongjian Pengchen Yunzhu, Jiayu Jiuxi, and Zhongzhou Yingxi [10][12] Land Market Activity - The land market is highly competitive, with a new record for land price set by China Merchants Shekou at 2.155 billion yuan for a residential plot in the Qianhai area, reflecting strong confidence in Shenzhen's core real estate market [12][13]

Core Insights - The construction agency business is becoming a crucial direction for real estate companies as they transition in a challenging market environment [1][2] - The competitive landscape in the construction agency sector is evolving, with a notable increase in new signed contracts and a shift towards professional capabilities over capital expansion [1][3] Group 1: Industry Trends - According to recent data from CRIC, the top 20 construction agency firms signed contracts for a total of 10,983 million square meters in the first half of 2025, representing a year-on-year increase of 28% [1] - The decline of land dividends and the failure of high-leverage models are prompting real estate firms to focus on "professional capability monetization" as a means to restructure their value chains [1] Group 2: Company Strategies - Ocean Group's construction agency brand, Ocean Construction Management, has emerged as a new player, expanding its area by 562 million square meters in the first half of this year, ranking eighth in the industry [1] - Ocean Group adopts a fully integrated development model for its construction agency business, emphasizing the importance of both heavy asset development and rapid expansion of agency services [2] Group 3: Competitive Landscape - The competitive landscape is characterized by a decrease in the concentration of new signed contracts among leading firms, with mid-tier and smaller firms accelerating project expansion [3] - Over 50% of construction agency projects have management fees ranging from 1% to 2%, with some reaching up to 3%, compared to previous highs of 5% [3] Group 4: Differentiation Strategies - Ocean Group is pursuing a differentiated competition strategy by diversifying its business and revitalizing non-performing assets, with urban renewal projects being a key focus [3][4] - The company has established deep cooperation with asset management companies (AMCs) to acquire distressed assets at discounted prices, enhancing value through professional management [4] Group 5: Future Development Paths - Ocean Group has identified three main paths for sustainable growth: establishing "bases" in selected cities, conducting "guerrilla warfare" to fill market gaps, and focusing on targeted project management [5][6] - The company aims to maintain steady growth in its construction agency business without setting unrealistic targets, emphasizing the importance of executing each project effectively [7]

公告显示，本次远洋集团共有8笔境外存续债券停牌，到期时间分布在2024年至2030年。境外债务重 组，意味着远洋将与境外债权人重新安排债务结构和还款计划，以减轻自身负担并确保债务的有序偿 还。远洋境外债务重组若能顺利通过，企业短期内的偿债压力将大大降低，有助于更好地完成高品质交 付和可持续经营。 但值得关注的是，远洋集团至今仍未发生实质性违约。2022年至今，远洋集团公开市场累计还款近200 亿元，一直在为"保信用"付出极致努力。 近日，远洋集团于港交所发布公告，将开启境外债务全面重组，并聘请华利安诺基（中国）有限公司担 任财务顾问，盛德律师事务所为法律顾问。这意味着继境内债"18远洋01"成功展期之后，远洋开启了境 外债的以时间换空间，以助力其可持续经营。 今年8月，远洋集团于2024年到期票据获足够赞同票达成违约豁免，于2024年、2027年和2029年到期的 三笔美元债票息展期方案也正式通过。8月31日，远洋集团完成"18远洋01"债券展期，为缓解现金流压 力创造了积极条件。据悉，远洋集团下一笔美元债到期在2024年7月。若境外债务重组方案能够顺利通 过，远洋集团将相当长一段时间避免行业内的"违约"和" ...

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 company is transitioning its business model from being a developer (甲方) to a service provider (乙方) in the construction management sector, emphasizing professionalism and practical problem-solving to build trust with clients [3][4]. Group 1: Business Transition and Strategy - The construction management business has become a significant focus for the company, which aims for steady growth without setting unrealistic targets [3][4]. - The company has established its construction management brand, Yuan Yang Jian Guan, in response to the real estate industry's deep adjustments over the past three years [3][5]. - The company emphasizes a collaborative approach, integrating development and construction management to enhance resource sharing and provide better solutions for clients [6][7]. Group 2: Project Performance and Market Position - In the first half of 2025, the company secured 33 new projects with a signed area of 5.62 million square meters, ranking eighth in the new contract scale list by Zhongzhi Research Institute [5]. - The company achieved a sales revenue of 780 million yuan from a sales area of 55,600 square meters [5]. - The company has successfully completed projects like the Urumqi Yashan Jinglu, receiving commendations from clients for its performance [3][4]. Group 3: Focus on Non-Performing Assets - The non-performing asset sector is viewed as having broad prospects and is still in its early development stage, with significant market demand for professional construction management services [5][8]. - The company has developed a mature capability system for non-performing asset disposal, providing comprehensive services in various areas including value assessment and debt resolution [8]. - The company has taken on multiple projects in East China and is actively pursuing opportunities in cities like Kunming, Chengdu, and Xi'an [7][8].

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].

致远洋集团及远星公司: ......... 商棋! M O U N T A I N .. M A N S I O N 三言 雅山璟庐 近日，由远洋建管代建代销的乌鲁木齐雅山璟庐200余套房屋如期交付。14个月时间里，远洋建管充分 发挥专业能力，推动项目重启、实现首开热销并跻身全市TOP10，并最终完成高品质交付，不仅赢得市 场口碑，也收获了委托方的高度肯定与表扬。 值此乌鲁木齐雅山璟庐项目圆满交付之际,我谨代表雅山璟庐项目向 贵司及奋战一线的代建代销团队致以最诚挚的感谢和最热烈的祝贺! 雅山璟庐项目始于2018年,历经疫情停工等重重考验。2024年5月我 司接手项目后,贵司乌鲁木齐团队对项目的初心和专业德力打动了我,并 将代建代销重任交给了贵司。从2024年6月雅山璟庐项目重启,我们双方 秉持对项目的坚持坚守信念,同项目一起涅槃重生。 面对时间紧、任务重的挑战,代建团队以高度的专业素养和卓越的执 行力,仅用14个月便实现了项目的高品质交付。交付现场氛围浓厚,仪式 威十足,业主们脸上洋溢着愉快的笑容,让我也满心欢喜,双方的共同努 力,最终为业主呈现了一座"看得见"的品质人居,赢得了市场与口碑的 双重认可。 14 ...

Group 1 - The core viewpoint of the news is that Oceanwide Commercial has successfully signed a contract for the Beijing Optical Instrument Factory urban renewal project, leveraging its resources and expertise in commercial operation management to provide consulting services [1][2] - The Beijing Optical Instrument Factory urban renewal project is a key implementation project in the city's sub-center, covering an area of approximately 70,400 square meters, and aims to preserve historical buildings while introducing green technology enterprises [2] - The project will include various functions such as office areas for green technology companies, a green technology exhibition and conference center, incubation offices, expert apartments, and supporting commercial services [2] Group 2 - Urban renewal has become an important focus for urban work in the current and future periods, with Oceanwide Group being one of the earliest real estate companies to engage in this field, having over 25 years of experience [3] - Oceanwide Group has implemented urban renewal projects totaling 30 million square meters, gaining recognition and selection from an increasing number of clients for its professional service capabilities [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 遠洋集團控股有限公司 | | | | 呈交日期: | 2025年8月5日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 遠洋集團控股有限公司(「本公司」)並無法定股本, 及其股本並無股份面值。 | | | | FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03377 | 說明 | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | ...