Core Viewpoint - Longfor Group has announced an optimized restructuring plan for its domestic debt, following a previous plan disclosed less than three months ago, indicating a significant shift in its approach to debt management [1] Group 1: Restructuring Plan Details - The new restructuring plan involves 21 domestic debt instruments with a total principal amount exceeding 21.9 billion yuan, with five options provided for bondholders [1] - The first option allows for full conversion into specific assets, where bondholders can register for trust shares equivalent to the remaining bond value, with an initial distribution of 0.5% of the remaining principal within three months of trust establishment [2] - The second option includes asset repayment, divided into two modes: physical asset repayment and trust repayment, with bondholders able to register for a physical asset worth 35 yuan for every 100 yuan of remaining bond value [2] - The third option proposes a buyback at an 18% discount, with an estimated total cash outlay of 450 million yuan for repurchasing approximately 2.5 billion yuan of bonds [3] - The fourth option involves debt-to-equity conversion, where Longfor Group will issue up to 530 million shares to offset bond amounts, calculated based on the remaining bond value [3] - The fifth option allows for full retention of debt for those who do not select or qualify for other options, extending the repayment period to April 2033 with a 1% annual interest rate [3] Group 2: Industry Context - Longfor is the third real estate company to significantly reduce its domestic debt during restructuring, following Sunac and CIFI, marking a shift from previous strategies that primarily focused on deferring repayment pressures without reducing debt scale [4] - The restructuring options across various real estate companies show similarities, including cash buybacks, debt-to-equity swaps, and asset repayments, reflecting a common approach to managing financial distress in the sector [4] - The current financial environment for real estate companies is characterized by tight cash flows and declining asset values, necessitating systematic and long-term measures to effectively mitigate debt risks [4]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 23,265 million, a decrease of 50.7% compared to RMB 47,167 million in 2023[10] - The net loss for 2024 was RMB 6,618 million, improving from a net loss of RMB 8,858 million in 2023, representing a reduction of 25.0%[10] - The company achieved contract sales of RMB 19,046 million in 2024, a significant increase of 164.5% from RMB 7,179 million in 2023[10] - The company reported a gross loss of RMB 5.08 billion in 2024, compared to a gross loss of RMB 4.51 billion in 2023[43] - The total assets of the company decreased to RMB 212.59 billion in 2024 from RMB 248.38 billion in 2023[43] - The company’s cash and bank balances fell to RMB 8.65 billion in 2024, down from RMB 13.17 billion in 2023[43] - The company’s total equity decreased to RMB 24.81 billion in 2024 from RMB 32.73 billion in 2023[43] - Property development revenue for 2024 was approximately RMB 22,964.1 million, down about 50.9% from RMB 46,781.9 million in 2023[60] - Sales cost for the year ended December 31, 2024, decreased by approximately RMB 23,336.3 million (or about 45.2%) to RMB 28,339.9 million[64] - Selling and marketing expenses for 2024 were approximately RMB 813.2 million, a decrease of about 44.0% from RMB 1,452.6 million in 2023[65] - Administrative expenses for 2024 were approximately RMB 515.9 million, down about 42.2% from RMB 892.5 million in 2023[65] - Financial costs for the year ended December 31, 2024, decreased to approximately RMB 1,104.8 million from RMB 1,620.8 million in 2023[66] - The company’s loss attributable to shareholders for the year ended December 31, 2024, was RMB 6,298,354,000, compared to a loss of RMB 8,934,542,000 in 2023, indicating a reduction in losses[158] Market Environment - The real estate sector in China faced challenges in 2024, with a 10.6% year-on-year decline in real estate development investment, totaling RMB 10,028 billion[34] - The residential sales area decreased by 14.1% year-on-year, highlighting the overall market contraction[34] Operational Highlights - The company successfully delivered 70 batches of projects, totaling approximately 28,000 units, demonstrating its commitment to operational stability and project delivery[34] - The company holds a land reserve of approximately 23.61 million square meters, with 76% located in the Greater Bay Area and Yangtze River Delta regions, indicating a strong market positioning[8] - The company has developed over 200 real estate projects, providing quality living services to over one million residents[8] - The company is focused on refining management strategies and enhancing project sales and capital recovery to navigate the challenging market environment[34] Debt Management - The company’s total debt restructuring plan for overseas debt has received support from over 80.8% of creditors, representing a significant milestone[35] - The company plans to implement a comprehensive domestic debt restructuring scheme, which was announced on March 17, 2025[36] - The company aims to continue its operational and debt management strategies while actively communicating with creditors to complete the overall debt restructuring[37] Corporate Governance - The board is committed to high standards of corporate governance, believing it is essential for protecting shareholder interests and enhancing corporate value[83] - The company has adopted and complied with the corporate governance code for the year ending December 31, 2024[84] - The board has confirmed compliance with the standard code of conduct for securities trading throughout the year ending December 31, 2024[86] - The company has established a written guideline for employees regarding securities trading, ensuring compliance and ethical conduct[86] - The board consists of five executive directors and four independent non-executive directors, with independent non-executive directors holding over one-third of the board seats[89] - The audit committee reviewed and recommended the approval of the 2023 annual financial statements and the 2024 interim financial statements[104] - The company ensures that all independent non-executive directors meet the independence criteria as per the listing rules[92] - The board regularly reviews the company's financial and operational performance and discusses future strategies[99] Risk Management - The audit committee has reviewed the effectiveness of the company's risk management and internal control systems for the year ending December 31, 2024, and found them to be adequate[132] - The board is responsible for assessing the nature and extent of risks the company is willing to take to achieve strategic objectives, including environmental, social, and governance risks[129] - The company has established internal control systems aligned with the COSO 2013 framework to ensure operational efficiency and compliance with applicable laws[129] Sustainability and ESG - The company maintained an "A" level ESG rating from MSCI, reflecting its commitment to sustainable development[9] - The company is committed to environmental sustainability and compliance with various environmental laws and regulations, ensuring adherence to air and noise pollution standards[154] - The company emphasizes the importance of maintaining strong relationships with employees, customers, and business partners to support ongoing development and service quality[155] Shareholder Communication - The company has established multiple communication channels with shareholders to ensure timely access to relevant information and facilitate active participation in company affairs[146] - The company has a shareholder communication policy in place to ensure fair and timely dissemination of information to shareholders[147] - The company is focused on enhancing its investor relations and communication strategies to strengthen understanding of its business performance and strategies among investors[146] Stock Options and Incentives - The stock option plan was approved on November 18, 2013, and is valid for 10 years, expiring on November 17, 2023[181] - The maximum number of shares that can be issued under the stock option plan is capped at 10% of the total issued shares, which amounts to 500,000,000 shares, approximately 8.79% of the shares issued as of the report date[182] - The total number of stock options held by directors is 13,402,000, representing 0.24% of the total issued share capital[195] - The company has a structured vesting schedule for stock options, with portions vesting at 36, 48, and 60 months after the grant date[195] - The company adopted a share incentive plan on May 13, 2020, with a validity period of 15 years, leaving approximately 10 years remaining as of the report date[197] - The maximum number of reward shares available for grant under the share incentive plan is 170,562,223 shares, representing about 3% of the company's issued shares as of the report date[199] - No reward shares have been granted since the adoption date of the share incentive plan[200]

避免过度依赖某一种重组方式 在业内人士看来，过去房企的债务重组以展期为主，以时间换空间，虽有部分房企提供债转股重组方案，但整体占比不高。在新一轮债务重组中，多数房 企的化债策略则从原来的展期为主转向全面削债，主要通过折价赎回债券和强制转股等方式实现。由于大多数出险房企的现金流仍紧张，同时资产价值缩 水或已被抵押、质押，能够用于抵债的优质资产不多，债转股便成为了大多数出险房企重组的标配。 多家房企推"债转股" 近日，融创中国控股有限公司发布公告，针对总规模约95.5亿美元的境外债务重组已取得重大进展。此次重组方案的亮点之一是"全额债权转股权"，为债 权人提供获得短期流动性及潜在股票升值收益机会。例如。公司向债权人分派两种新强制可转债(新MCB)，一类将获分配转股价6.80港元/股的新MCB， 可在重组生效日起转股；另一类将获分配转股价3.85港元/股的新MCB，可在重组后18—30个月内转股，该类总量不超过债权总额的25%。与此同时，应 部分债权人建议，债务重组方案推出"股权结构稳定计划"，向主要股东提供部分附带条件的受限股票，主要股东在6年内仅获得该等受限股票的投票权等 极其受限的权利，除非达到特定限制条件， ...

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry Core Insights - The debt restructuring of real estate companies is becoming increasingly complex, with a rising proportion of debt being eliminated through various restructuring methods [6][10] - The restructuring process is not a quick fix, and returning to normal operations will depend on market conditions and support from creditors [20][23] Summary by Sections Section 1: Bankruptcy Procedures - Hong Kong's bankruptcy procedures emphasize creditor autonomy, while mainland China's processes are court-led [6][8] - Mainland bankruptcy procedures include reconciliation, restructuring, and liquidation, each with different goals and complexities [9][10] Section 2: Debt Restructuring Trends - Debt restructuring remains the primary choice for real estate companies, with some entering formal restructuring processes [10][11] - As of February 2025, 39 out of 59 distressed real estate companies have disclosed restructuring progress, with 13 completing their debt restructuring [10][12] - Notable companies like China Evergrande and Sunac China have made significant strides in their restructuring efforts [7][20] Section 3: Key Company Developments - China Evergrande is nearing liquidation, with creditor recovery rates potentially below 3% [20] - Sunac China has successfully completed a second round of domestic debt restructuring, although profitability remains a challenge [20] - Kinsco's restructuring plan is in a critical voting phase, with expectations for a recovery rate exceeding 18% for large ordinary debts [20][21] Section 4: Debt-to-Equity Swaps - Debt-to-equity swaps have become a standard feature in restructuring plans, allowing companies to utilize limited cash resources for project completion [15][16] - Various companies, including Country Garden and China Aoyuan, have implemented debt-to-equity swaps as part of their restructuring strategies [16][19] Section 5: Market Conditions and Future Outlook - Recent favorable policies from the central and local governments are expected to support the real estate market and facilitate debt restructuring [20][21] - The establishment of a land acquisition mechanism is anticipated to improve asset liquidation and enhance debt repayment capabilities for distressed companies [21][22] - Despite some companies making progress, others continue to struggle, indicating that the industry's debt crisis is not fully resolved [22][23]

Group 1: Qingdao Housing Fund Policy Adjustment - Qingdao Housing Fund Management Center announced an adjustment to the housing fund loan policy, allowing a 10% increase in loan limits for homebuyers applying for housing fund loans [1] - The maximum loan limit after combining with other policies can reach 1.5 million yuan [1] - The age limit for borrowers has been adjusted, with male borrowers not exceeding 68 years and female borrowers not exceeding 63 years, or within 5 years post-retirement age [1] Group 2: Longguang Group Financial Performance - Longguang Group reported a net loss of 6.62 billion yuan for 2024, with contract sales of 7.18 billion yuan and recognized revenue of 23.26 billion yuan [2] - The continuous losses are attributed to a sluggish real estate market, declining project gross margins, and inventory impairment provisions [2] - The company achieved significant progress in restructuring its offshore debt, with over 80.8% of creditors supporting the agreement on 6.207 billion USD of total offshore debt [2] Group 3: Financial Street Property Performance - Financial Street Property reported a revenue of approximately 1.752 billion yuan for 2024, an increase of about 15.65% year-on-year [3] - The net profit for the year was approximately 1.32 billion yuan, a decrease of about 7.87% year-on-year [3] - Shareholder profit was approximately 1.16 billion yuan, down about 9.39% year-on-year [3] Group 4: Country Garden Services Financial Results - Country Garden Services achieved total revenue of 43.99 billion yuan in 2024, representing a year-on-year growth of 3.2% [4] - Adjusted revenue from property management, community value-added services, and "three supplies and one industry" business grew by 10.2% year-on-year [4] - The adjusted gross profit for core businesses increased by 6.4% to 9.2 billion yuan [4] Group 5: Hongyang Real Estate Financial Results - Hongyang Real Estate reported revenue of approximately 11.306 billion yuan for 2024, a year-on-year decrease of 42.9% [5] - The company incurred a net loss of 5.5256 billion yuan during the reporting period [5] - The gross loss margin for the period was 1.6%, compared to 3.4% in the same period last year [5]

Group 1 - The core viewpoint of the articles highlights the ongoing challenges faced by the real estate industry in China, with significant sales declines and increased operational pressures for companies like Longguang Group [1][2] - Longguang Group reported a revenue of RMB 23.26 billion for the year ending December 31, 2024, but incurred a net loss of RMB 6.62 billion due to declining project gross margins and inventory impairment provisions [1] - The company has successfully garnered support from over 80.8% of creditors for its offshore debt restructuring plan, reflecting its commitment to fair treatment of stakeholders [2] Group 2 - Longguang Group's domestic debt restructuring plan was officially announced on March 17, 2025, offering five options to meet the diverse needs of investors, including discounted buybacks and debt-to-equity swaps [2] - Analysts view the restructuring plan as reasonable and comprehensive, providing flexible exit paths for investors while also aiming to raise additional cash and stock resources [2] - The company continues to implement measures to stabilize operations and ensure project delivery, emphasizing its commitment to "stabilizing operations and ensuring delivery" [3]

中央政府在过去一年提出促进房地产市场止跌回稳的目标，不断出台优化增量住房和消化存量住房的措 施，持续放宽核心城市限购，下调首付比例和贷款利率，加快实施城中村和危旧房改造，推进收购存量 商品房等支持房地产行业的政策，惟政策效果显现需要一个过程。集团将继续坚持生产经营和债务管理 两手抓，一方面继续采取积极措施"保交付，稳经营"。另一方面，集团的境外债务整体重组方案获得大 多数债权人支持批准，将加快推进境外债务整体重组方案实施落地，也将继续与境内债务重组的各类债 权人进行沟通，尽最大努力完成境内外整体债务重组。 于2024年12月31日，集团的土地储备的总建筑面积约为2361.41万平方米，若以货值计算，大湾区及长 江三角洲区域占比约为76%。 智通财经APP讯，龙光集团(03380)发布截至2024年12月31日止年度业绩，该集团期内取得收入232.65亿 元(人民币，下同);母公司拥有人应占亏损62.98亿元;每股基本亏损113.95分。 公告称，持续亏损主要由于(i)房地产行业持续低迷，毛利率依然处于低水平;及(ii)就存货计提减值拨 备。 面对困难的一年，集团积极主动应对挑战，及时调整经营策略，持续落实精细 ...

Financial Performance - Revenue recognized was RMB 23.26 billion, a decrease from RMB 47.17 billion in the previous year[4] - The net loss for the year was RMB 6.62 billion, down from RMB 8.86 billion in the previous year[5] - The group reported a total comprehensive loss of RMB 7.57 billion, compared to RMB 9.16 billion in the previous year[5] - The group reported a comprehensive loss before tax of RMB 7,431,398 thousand for the year 2024, compared to RMB 7,071,910 thousand in 2023[25] - The pre-tax loss for the group in 2024 was RMB 6,298,354, compared to a loss of RMB 8,934,542 in 2023, indicating an improvement of 29.2%[33] - The basic and diluted loss per share for 2024 was RMB 1.14, compared to RMB 1.61 in 2023, reflecting a reduction of 29.1%[32] - The group reported a net loss attributable to equity shareholders of RMB 6,298.4 million, a decrease of 29.5% from RMB 8,934.5 million in 2023[59] Revenue and Sales - The group reported a significant decline in revenue, with total revenue from external customers dropping to RMB 23,264,613 thousand in 2024 from RMB 47,166,787 thousand in 2023, representing a decrease of approximately 50.7%[23] - The total contracted revenue from property development for 2024 was RMB 22,964,107, down from RMB 46,781,883 in 2023, representing a decline of 50.9%[28] - Property development revenue was RMB 22,964.1 million, down 50.9% from RMB 46,781.9 million in 2023, with contributions from the Yangtze River Delta (37.5%), Greater Bay Area (35.5%), Southwest Region (14.5%), and Other Regions (12.5%)[60][61] - The group's other income and gains for 2024 amounted to RMB 128,454, a decrease of 54.8% from RMB 284,524 in 2023[27] Assets and Liabilities - Total current assets decreased to RMB 157.73 billion from RMB 192.50 billion[6] - Total liabilities decreased to RMB 30.02 billion from RMB 52.26 billion[7] - The total current liabilities of the group were RMB 157,761 million, indicating a potential liquidity challenge due to a slowing real estate market and limited financing sources[12] - Total assets as of December 31, 2024, were approximately RMB 212,585.9 million, a decrease of 14.4% from RMB 248,382.1 million in 2023[65] - Total liabilities were approximately RMB 187,780.7 million, down from RMB 215,648.7 million in 2023[65] Cash Flow and Financial Management - The cash and bank balances decreased to RMB 8.65 billion from RMB 13.17 billion[6] - The group aims to generate sufficient net cash inflow by controlling costs and expediting the collection of receivables[15] - The group is actively negotiating extensions for loans and secured debts with financial institutions to manage its debt obligations[14] - The group plans to accelerate the pre-sale and sale of properties to improve cash flow and manage debts effectively[14] Debt Restructuring - The company suspended payments on all offshore US dollar senior notes and HKD equity-linked securities since August 2022[10] - The company reached an agreement with over 80.8% of creditors regarding the restructuring of offshore debt totaling USD 6.207 billion[10] - The group achieved significant progress in its offshore debt restructuring plan, with over 80.8% of creditors agreeing to the overall restructuring agreement[45] - The company is actively communicating with creditors regarding its domestic debt restructuring plan, which was announced on March 17, 2025[46] Operational Performance - The property development segment incurred a loss of RMB 6,460,075 thousand in 2024, compared to a loss of RMB 6,974,561 thousand in 2023, showing a slight improvement[23] - The group successfully delivered 70 batches of projects, totaling approximately 28,000 units, during the year, fulfilling its commitments[44] - The group plans to continue its dual focus on operational management and debt management to ensure project delivery and stabilize operations amid market challenges[47] Market Conditions - The gross profit margin remained low due to the ongoing downturn in the real estate sector[2] - The overall real estate development investment in China decreased by 10.6% year-on-year to RMB 10,028 billion, with residential investment down by 10.5%[44] - Over 90% of the group's external customer revenue and segment assets are located in mainland China, indicating a concentrated market focus[26] Expenses - Total sales cost decreased by approximately 45.2% to RMB 28,339.9 million from RMB 51,676.2 million in 2023, primarily due to reduced revenue recognition[61] - Selling and marketing expenses were approximately RMB 813.2 million, a decrease of about 44.0% from RMB 1,452.6 million in 2023[62] - Administrative expenses were approximately RMB 515.9 million, down about 42.2% from RMB 892.5 million in 2023, mainly due to reduced employee costs[62] Other Information - The group has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on its financial performance or disclosures[17] - The company did not recommend any dividends for the years ended December 31, 2024, and 2023[31] - The company did not recommend a final dividend for the year ended December 31, 2024, compared to zero in 2023[67] - The consolidated financial statements for the year ending December 31, 2024, have been verified for consistency with the draft financial statements[74] - The announcement contains forward-looking statements that involve risks and uncertainties, which may significantly differ from actual performance[75] - The company's annual report for 2024 will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time[76] - The board of directors is led by Chairman Ji Haipeng, with a team of executive and independent non-executive directors[77]

选项四为特定资产选项，龙光集团拟依托上海某13万平方米的优质商业项目设立信托，让债券持有人享 有收益权。每100元债券面值可申报登记100份信托份额，信托期限15年，存续期内依靠项目经营性净现 金流受偿，并有0.5%的头部现金。 龙光集团公布219.62亿元境内债务重组方案，为投 资人提供折价购回等五个选项 每经记者 陈荣浩 每经编辑 魏文艺 3月18日，《每日经济新闻》记者获悉，深圳市龙光控股有限公司（以下简称龙光集团）向债权人公布 了整体境内债务重组方案，涵盖"H8龙控05""H9龙控01""H9龙控02""H1龙控01"等21笔债券，本金余额 合计219.62亿元。 值得注意的是，龙光集团提供了折价购回、资产抵债、债转股、特定资产和全额展期留债等五个选项， 以满足不同类型投资人的需求。 具体来看，选项一为折价购回，龙光集团拟筹集不超过5亿元现金资源，以债券面值15%的价格向持有 人折价购回。 选项二为资产抵债，包括实物资产抵债和财产权信托份额抵债两种模式。龙光集团抵债的资产包括自持 商业、写字楼、酒店、可出售住宅等，分布于深圳、成都、南宁等地。而在财产权信托份额抵债模式 下，龙光集团拟以每100元债券面 ...

选项五为展期留债，未参与其他选项的债券剩余本金展期9.5年，利息调整为1%，自第5年期末开 始分期兑付。 记者注意到，今年2月，龙光集团对外公布了境外债务重组方案，约有76.4%的债权人加入整体 CSA（整体债权人支持协议）。当时龙光集团对境外债务的债权人提供了四个选项，包括现金支付、优 先票据及强制可转债、强制可转债和普通票据及强制可转债。 龙光集团公布219.62亿元境内债务重组方案 为投资 人提供折价购回等五个选项 截至2024年6月30日，龙光集团总资产为2264.88亿元，其中流动资产为1716.19亿元，现金及银行结 余95亿元。负债总额为1959.75亿元，流动负债总额1593.97亿元。资产负债率为86.53%。 3月18日，《每日经济新闻》记者获悉，深圳市龙光控股有限公司（以下简称龙光集团）向债权人 公布了整体境内债务重组方案，涵盖"H8龙控05""H9龙控01""H9龙控02""H1龙控01"等21笔债券，本金 余额合计219.62亿元。 2024年上半年，龙光集团新开工项目面积约为27万平方米、竣工项目面积228万平方米、发展中项 目面积887万平方米，较上年同期分别减少9万平方米、11 ...