Group 1 - The company announced progress on its offshore debt restructuring, with approximately 82% of holders of existing securities submitting letters to join the restructuring support agreement [1] - Overall, about 64% of holders of existing debt have submitted letters to join the restructuring support agreement [1] - The early consent fee, equivalent to 1.0% of the principal amount of qualified restricted debt held by consenting creditors, will be paid in the form of new mandatory convertible bonds [1] Group 2 - The basic consent fee deadline is set for June 6, 2025, with consenting creditors eligible to receive a fee of 0.5% of the principal amount of qualified restricted debt held before the deadline [2] - Creditors can only receive either the early consent fee or the basic consent fee for the same qualified restricted debt principal amount, not both [2] - The company encourages all existing creditors who have not signed the restructuring support agreement to review it and join as additional consenting creditors [2]

智通财经5月26日电，融创中国在港交所公告称，公司发行的现有证券未偿还本金总额约82%的持有人 已递交加入重组支持协议的函件。整体而言现有债务未偿还本金总额约64%的持有人已递交加入重组支 持协议的函件。 融创中国：现有债务64%的持有人已加入重组支持协议 ...

Group 1 - The core viewpoint of the news highlights the ongoing challenges and transformations within the real estate industry, particularly focusing on liquidity crises and the shift towards quality over quantity in property sales [1][4][6] Group 2 - In Xinyang, new measures have been introduced to enforce the sale of newly developed properties as completed units, which will significantly increase the capital occupation cycle for developers, favoring financially stronger companies [1] - In Hangzhou, three residential land parcels were sold at the minimum price, indicating a cooling interest from developers amid high debt pressures and a focus on cash flow management [2] - Sunac China has scheduled a hearing for its offshore debt restructuring plan, reflecting the complexity of the process and potential delays in alleviating liquidity risks [3] - Rongsheng Real Estate has defaulted on a bond repayment of 5.52 billion yuan, highlighting the deepening liquidity crisis in the sector and the challenges of transitioning to a lighter asset model [4] - The failed auction of shares held by the controlling shareholder of Pan Hai Holdings illustrates the liquidity crisis and systemic issues within the real estate industry, emphasizing the need for asset disposal and business transformation [5][6]

融创中国公告，召集聆讯定于9月15日在香港法院举行。 ...

Group 1: Housing Fund Loan Rate Adjustments - Beijing has announced a reduction in personal housing provident fund loan rates effective from May 8, 2025, with first-time home loan rates set at 2.1% for loans up to 5 years and 2.6% for loans over 5 years [1] - Guangzhou will also lower its personal housing provident fund loan rates by 0.25 percentage points starting May 8, 2025, aligning with the new rates of 2.1% for loans up to 5 years and 2.6% for loans over 5 years for first-time buyers [2] - In Henan, the housing provident fund loan rates will be reduced by 0.25 percentage points, with first-time home loan rates adjusted to 2.1% for loans up to 5 years and 2.6% for loans over 5 years [3] - Qingdao has similarly announced a 0.25 percentage point reduction in personal housing provident fund loan rates, effective from May 8, 2025, with the same rates as those in Beijing and Guangzhou for first-time home buyers [4] Group 2: Sunac China Sales Performance - Sunac China reported a contract sales amount of approximately 1.1 billion yuan in April, with a total sales area of about 85,000 square meters and an average contract sales price of approximately 12,900 yuan per square meter [5]

Core Viewpoint - Sunac China announced that in April 2025, the group achieved a contract sales amount of approximately RMB 1.1 billion, with a contract sales area of about 85,000 square meters and an average contract sales price of approximately RMB 12,940 per square meter [1] Summary by Relevant Categories Sales Performance - The contract sales amount for April 2025 was approximately RMB 1.1 billion [1] - The total contract sales area reached about 85,000 square meters [1] - The average contract sales price was approximately RMB 12,940 per square meter [1]

融创中国方面的律师在之前香港高等法院的聆讯上表示，在境外债重组方面，公司已经在相当短的时间 内取得了实质性的进展，而且对于之前中国信达（香港）资产管理有限公司对公司提起的清盘呈请的要 求遭到了部分债权人的反对。4月28日，融创中国公告显示，香港高等法院将融创中国的清盘聆讯延期 至8月25日。（智通财经） ...

Financial Performance - In 2024, the Group's revenue was RMB 740.2 million, a decrease of 52% compared to RMB 1,542.3 million in 2023[16] - The Group reported a net loss of RMB 274.0 million in 2024, worsening from a loss of RMB 104.1 million in 2023[16] - The Group's gross profit for 2024 was RMB 28.9 million, recovering from a gross loss of RMB 25.0 million in 2023[16] - The company reported a loss attributable to owners of approximately RMB 25.7 billion for the year ended December 31, 2024, with a basic and diluted loss per share of RMB 3.00[195] - Property sales revenue for the year ended December 31, 2024, was RMB 612.3 billion, a decrease of approximately RMB 795.7 billion (about 56.5%) compared to RMB 1,408.0 billion in 2023[26] - The total delivered property area for the year ended December 31, 2024, was 462.4 million square meters, a decrease of 815.8 million square meters (about 63.8%) from 1,278.2 million square meters in 2023[26] - Gross profit for the year ended December 31, 2024, was approximately RMB 28.9 billion, an increase of RMB 53.9 billion compared to a gross loss of RMB 25.0 billion in 2023, resulting in a gross margin of 3.9%[30] Assets and Liabilities - The total assets of the Group decreased to RMB 8,828.8 million in 2024 from RMB 9,778.5 million in 2023, representing a decline of approximately 9.7%[17] - The total liabilities of the Group decreased to RMB 8,277.3 million in 2024 from RMB 8,940.6 million in 2023, indicating a reduction of approximately 7.4%[17] - The total equity of the Group decreased to RMB 551.5 million in 2024 from RMB 837.9 million in 2023, reflecting a decline of approximately 34.1%[17] - The total equity attributable to the company's owners at the end of 2024 was approximately RMB 40.52 billion, indicating a stable asset base[20] - The group's total cash balance, including restricted cash, decreased from approximately RMB 24.62 billion as of December 31, 2023, to approximately RMB 19.75 billion as of December 31, 2024[40] - The total borrowings of the group as of December 31, 2024, were approximately RMB 259.67 billion, a decrease of approximately RMB 18.16 billion from approximately RMB 277.83 billion as of December 31, 2023[42] Operational Highlights - The Group successfully delivered approximately 170,000 housing units across 84 cities in 2024, ranking among the top in the industry[18] - The Group aims to deliver an additional 60,000 housing units in 2025, continuing its commitment to fulfill delivery obligations[18] - The property management segment, Sunac Services, achieved revenue of approximately RMB 6.97 billion, with third-party revenue growing by about 5.6% year-on-year, accounting for approximately 98% of total revenue[21] - The cultural tourism segment generated revenue of approximately RMB 5.21 billion in 2024, with ongoing efforts to transform into an experience-driven ecological platform[22] Debt Management and Restructuring - The company aims to resolve domestic public market debt risks by 2025, with a comprehensive restructuring plan already approved by bondholders[19] - The company is actively restructuring project-level debt by introducing funds from asset management companies and financial institutions to optimize its debt structure[27] - The company has developed a comprehensive domestic debt restructuring plan, which was approved by creditors in January 2025, to address current debt issues and liquidity pressures[117] - The restructuring plan offers creditors the opportunity to convert their debts into equity, aiming to resolve offshore debt risks and establish a sustainable capital structure[118] - The company is actively seeking broad support from creditors for the restructuring support agreement to ensure successful implementation of the offshore restructuring plan[118] Governance and Management - The company has adopted the corporate governance code and has complied with all applicable provisions for the year ending December 31, 2024[77] - The board consists of six executive directors, one non-executive director, and four independent non-executive directors, ensuring a diverse governance structure[82] - The company emphasizes the importance of high standards of corporate governance to enhance performance and long-term shareholder value[75] - The management team has extensive experience in the real estate industry, with key executives holding significant positions since the company's inception[57][58][59][60] Legal and Compliance Issues - The company faces approximately 414 lawsuits with a total claim amount of about RMB 165.08 billion, primarily related to unpaid loans and project payments[49] - The company is actively negotiating with creditors to resolve various lawsuits and has made provisions for litigation and interest payable[49] - The company has taken measures to mitigate risks associated with potential changes in Chinese laws that could affect the validity of its investment structure[168] Future Outlook - The company anticipates gradual stabilization in core cities and locations, although overall recovery in the real estate market may take longer[22] - The company plans to enhance cooperation with financial institutions to further mitigate project debt risks and revitalize quality assets in 2025[20] - The company is committed to timely and accurate information disclosure to shareholders and investors, enhancing transparency and informed decision-making[130] Employee and Diversity Initiatives - As of December 31, 2024, the total number of employees is 36,364, with 21,583 male employees (59.4%) and 14,781 female employees (40.6%)[105] - The company has adopted a revised employee diversity policy to ensure fair treatment regardless of citizenship, nationality, race, gender, religion, and cultural background[104] - The board currently consists of 10 male directors and 1 female director, with measurable diversity goals deemed satisfactorily implemented as of December 31, 2024[102]

融创中国(01918.HK)的清盘聆讯押后至8月25日。 ...

Core Insights - On April 25, Sunac China made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 32.19 billion, accounting for 37.35% of the day's total trading amount, with a net sell amount of HKD 3.74 billion [2] - Tencent Holdings led the trading volume with HKD 5.39 billion, followed by Xiaomi Group-W and Alibaba-W with HKD 5.11 billion and HKD 4.79 billion respectively [2] Trading Activity Summary - The active stocks on April 25 included Tencent Holdings, Xiaomi Group-W, Alibaba-W, and others, with Alibaba-W and Tencent Holdings being the most frequently listed stocks in the past month, each appearing 20 times [2] - Sunac China recorded a trading volume of HKD 2.46 billion and a net buying amount of HKD 0.17 billion, despite a closing price drop of 6.63% on that day [2] Individual Stock Performance - Tencent Holdings: Trading amount of HKD 5.39 billion, net sell of HKD 1.49 billion, 20 appearances in the last month, closing price at HKD 478.20, daily change of +1.53% [2] - Xiaomi Group-W: Trading amount of HKD 5.11 billion, net sell of HKD 0.17 billion, 20 appearances in the last month, closing price at HKD 47.70, daily change of -1.04% [2] - Alibaba-W: Trading amount of HKD 4.79 billion, net sell of HKD 0.89 billion, 20 appearances in the last month, closing price at HKD 115.60, daily change of +1.58% [2] - Sunac China: Trading amount of HKD 2.46 billion, net buy of HKD 0.17 billion, first appearance in nearly a month, closing price drop of 6.63% [2]