Core Viewpoint - Sunac China Holdings Limited has successfully completed its offshore debt restructuring plan, which has been approved by the High Court, effectively clearing $9.55 billion in offshore debt [1][2] Group 1: Debt Restructuring - The offshore debt restructuring plan received approval from 1,469 creditors, with 98.5% voting in favor, representing 94.5% of the debt amount [2] - The successful restructuring is expected to reduce Sunac's overall debt pressure by nearly 60 billion yuan, leading to significant annual interest savings and a substantial repair of the balance sheet [2] - Sunac is the first large real estate company to complete both domestic and offshore debt restructuring [1] Group 2: Future Development Strategy - Following the completion of the debt restructuring, Sunac is entering a new positive development cycle, focusing on core cities and quality projects [2] - The company plans to concentrate on first and second-tier cities such as Beijing, Shanghai, Xi'an, and Chongqing, aiming to enhance product quality [2] - Sunac's high-end product line has gained market recognition, with the Shanghai One Number Courtyard achieving sales exceeding 22 billion yuan this year, becoming the first project in the country to surpass 10 billion yuan in sales by 2025 [2] - The company aims to deliver 60,000 units by 2025, ranking fourth in delivery capability among real estate companies according to CRIC [2]

Core Viewpoint - Sunac China Holdings Limited has successfully completed its offshore debt restructuring plan, which has been approved by the High Court, effectively clearing $9.55 billion in offshore debt [2][3]. Group 1: Debt Restructuring - The offshore debt restructuring plan received approval from 1,469 creditors, with a support rate of 98.5% in terms of the number of votes and 94.5% in terms of the debt amount [3]. - The restructuring covers a total scale of approximately $9.55 billion in offshore debt, including public market bonds and private loans, aimed at completely resolving the company's debt risks [2][4]. Group 2: Financial Impact - As a result of the successful debt restructuring, Sunac's overall debt repayment pressure is expected to decrease by nearly 60 billion yuan, leading to significant annual interest savings and a substantial repair of the balance sheet [4]. - The completion of both domestic and offshore debt restructuring allows Sunac to enter a new positive development cycle [4]. Group 3: Future Development Strategy - Sunac plans to focus on core cities such as Beijing, Shanghai, Xi'an, and Chongqing, aiming to enhance product quality [4]. - The company's high-end product line has gained market recognition, with the Shanghai One Number Courtyard achieving sales of over 22 billion yuan this year, becoming the first project in the country to exceed 10 billion yuan in sales by 2025 [4]. - Sunac aims to deliver 60,000 units by 2025, ranking fourth in the delivery capacity among real estate companies according to a report by CRIC [4].

据克而瑞统计，截至目前已完成境内或境外债务重组的房企有11家，融创是第一家完成境内、境外债务 全部重组的大型房企。 11月5日，融创中国（01918.HK）公告称，公司境外债务重组计划已于2025年11月5日获得香港高等法 院批准。于本公告日期，所有计划条件已达成，计划生效日期为2025年11月5日。 根据此次公告，融创中国约96亿美元的境外债务重组获香港高等法院批准。至此，重组计划条件均已达 成，这标志着融创正式成为首家境外债基本清"零"的大型房企。 在境内、境外债务全部重组成功的情况下下，融创中国整体偿债压力预计下降近600亿元。 智通财经记者 李晓青 根据计划，融创中国推出全额债转股选项，将向债权人分派两种新的强制可转换债：一类转股价为6.80 港元/股，可在重组生效日起6个月内转股；另一类转股价为3.85港元/股，可在重组后18至30个月内转 股。重组方案还创新引入了股权结构稳定计划、团队稳定计划等安排，确保公司股权结构与骨干团队的 稳定。 此前融创中国披露的销售数据显示，截至2025年9月底，融创中国累计实现合同销售金额约317.6亿元， 累计合同销售面积约100.1万平方米，合同销售均价约3.17 ...

Core Viewpoint - Sun Hongbin's efforts have led to the successful restructuring of Sunac China's offshore debt, amounting to $9.55 billion, marking a significant turnaround for the company after a period of financial distress [2][7]. Debt Restructuring - Sunac China has completed the restructuring of its offshore debt, achieving a substantial reduction in liabilities and gaining control over its operations [2][7]. - The restructuring plan received overwhelming support from creditors, with 98.5% of voting creditors approving the plan, surpassing the required 75% threshold [7]. - The restructuring involved a mandatory full debt-to-equity swap, allowing creditors to become shareholders, thus sharing risks and benefits [6][7]. Financial Performance - As of the first nine months of 2025, Sunac China reported a contract sales amount of approximately 31.76 billion yuan, a year-on-year decrease of 12.87%, but with an increase in average sales price per square meter to about 31,700 yuan [8]. - The Shanghai Yihua project has been particularly successful, achieving total sales exceeding 22 billion yuan in 2025, making it the first project in the country to surpass 10 billion yuan in sales for the year [8]. Future Strategy - The company plans to focus on core cities and high-quality projects, with an emphasis on stabilizing its operations and improving market performance [8][11]. - Sunac China aims to deliver 60,000 units in 2025, which is only one-third of the previous year's deliveries, indicating a cautious approach to recovery [11]. Challenges Ahead - Despite the successful debt restructuring, Sunac China still faces significant challenges, including a high debt-to-asset ratio of 94.73% and a reported loss of approximately 12.81 billion yuan for the first half of 2025 [10][11]. - The overall recovery of the real estate market may take time, and the company must prioritize project delivery to regain market confidence [11].

Core Viewpoint - Sun Hongbin's commitment has been rewarded as Sunac China successfully completes its offshore debt restructuring, effectively clearing $9.55 billion in debt, marking a significant turnaround for the company after a period of financial distress [2][7]. Debt Restructuring - Sunac China has achieved substantial progress in its debt restructuring efforts, with the completion of $9.55 billion in offshore debt restructuring and $16 billion in domestic debt restructuring earlier this year [2][6]. - The restructuring plan received overwhelming support from creditors, with 98.5% of voting creditors approving the plan, far exceeding the 75% threshold required by Hong Kong law [7]. Leadership and Strategy - Sun Hongbin's personal investment and commitment to the company have been pivotal, including a $450 million interest-free loan and using personal assets to back the company's credit [3][5]. - The company has adopted a strategy focused on core cities and high-quality projects, with a notable emphasis on markets like Beijing, Shanghai, and Chongqing [8]. Financial Performance - For the first nine months of 2025, Sunac China reported a contract sales amount of approximately 31.76 billion yuan, despite a year-on-year decline of 12.87%, with an average selling price per square meter increasing to about 31,700 yuan [8]. - The Shanghai One Number project has been particularly successful, achieving sales of over 22 billion yuan in 2025 alone, indicating strong market demand for high-end properties [8]. Challenges Ahead - Despite the successful debt restructuring, Sunac China still faces significant challenges, including a high debt-to-asset ratio of 94.73% and a reported loss of approximately 12.81 billion yuan for the first half of 2025 [12]. - The company aims to deliver 60,000 units in 2025, which is only one-third of the previous year's deliveries, highlighting ongoing operational challenges [11][12].

于本公告日期，所有计划条件已达成，计划生效日期为2025年11月5日。 融创中国(01918)发布公告，寻求高等法院批准计划的呈请于2025年11月5日进行聆讯，而计划已根据高 等法院作出的指令(批准令)获得批准。批准令于2025年11月5日送呈公司注册处进行登记。 ...

于本公告日期，所有计划条件已达成，计划生效日期为2025年11月5日。 智通财经APP讯，融创中国(01918)发布公告，寻求高等法院批准计划的呈请于2025年11月5日进行聆 讯，而计划已根据高等法院作出的指令(批准令)获得批准。批准令于2025年11月5日送呈公司注册处进 行登记。 ...

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。 本公告及其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司法權區刊 發或派發。 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。 董事會宣佈，尋求高等法院批准計劃的呈請於2025年11月5日進行聆訊，而計劃已根 據高等法院作出的指令（「批准令」）獲得批准。批准令於2025年11月5日送呈公司註 冊處進行登記。批准令之副本可於計劃網站（https://projects.sodali.com/sunac）下載。 如說明函件所載，計劃須待所有計劃條件獲達成後，方可生效，即 ...

Core Viewpoint - Hong Kong real estate stocks are experiencing a counter-trend rally, with notable increases in share prices for several major companies following the release of a government action plan aimed at stabilizing the real estate investment scale in Shanghai [1] Group 1: Market Performance - Country Garden shares rose by 3.5%, while Sunac China and Agile Group increased by 2.5%. Vanke Enterprises saw a nearly 2% rise, and other companies like New City Development, Longfor Group, and China Overseas Macro Holdings also reported gains exceeding 1% [2] - The overall trend indicates a positive market response among real estate stocks despite broader market challenges [1] Group 2: Government Policy - The Shanghai Municipal Government issued a notification to promote high-quality development in the construction industry, emphasizing the need to stabilize real estate investment and strengthen the foundational market in Shanghai [1] - The plan aims to facilitate the construction of "good houses" and provide application scenarios for good design, construction, and services [1] Group 3: Industry Insights - Huatai Securities' research report highlights that the sales performance of "good houses" is significantly better than the average, suggesting that companies with strong product capabilities may achieve better sales conversion and more stable cash flow [1] - The report posits that product strength could become a core competitive advantage for real estate companies, reshaping their market positions and competitive landscape [1] - Huatai Securities continues to recommend real estate stocks characterized by "good credit, good cities, and good products" as a strategic investment focus [1]

Core Viewpoint - The Hong Kong property stocks experienced a widespread decline on October 17, with notable drops in several major companies [1] Company Performance - Sunac China (01918.HK) fell by 3.85%, trading at 1.5 HKD [1] - Ronshine China (03301.HK) decreased by 3.31%, with a price of 0.175 HKD [1] - New World Development (01030.HK) saw a decline of 2.19%, priced at 2.23 HKD [1] - Greentown China (03900.HK) dropped by 2.05%, currently at 8.59 HKD [1]