Core Viewpoint - Sunac China (01918) announced the resignation of Mr. Lin Huaihan as a non-executive director, effective from November 20, 2025 [1] Group 1 - Mr. Lin Huaihan's resignation is a significant change in the company's board structure [1]

融創中國控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，林懷漢先生（「林先 生」）辭任本公司非執行董事，自2025年11月20日生效。 如本公司日期為2023年11月20日公告所述，林先生獲本公司2023年境外債務重組債 權人小組提名後擔任本公司非執行董事， 任期兩年。 由於林先生希望投入更多時間 於其個人事務，其於任期到期時提呈辭任本公司非執行董事。 林先生已向本公司確認， 彼與董事會並無意見分歧， 亦概無有關彼辭任的其他事宜 須提請本公司股東或香港聯合交易所有限公司垂注。 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。 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） 非執行董事辭任 董事會謹藉此機會對林先生在任期間作出的寶貴貢獻致以衷心的感謝！ 承董事會命 融創中國控股有限公司 主席 孫宏斌 中國香港，2025年11月20日 於本公告日期，本公司執 ...

SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 中國香港，2025年11月20日 孫宏斌先生 （主席） 汪孟德先生 （行政總裁） 馬志霞女士 馬立山先生 田強先生 袁志剛先生 黃書平先生 孫喆一先生 董事會設立四個委員會，其成員載列如下： 審核委員會 提名委員會 潘昭國先生 （主席） 竺稼先生 馬志霞女士 馬立山先生 潘昭國先生 袁志剛先生 馬立山先生 薪酬委員會 （於開曼群島註冊成立的有限公司） （股份代號：01918） 董事名單與其角色及職能 融創中國控股有限公司董事（「董事」）會（「董事會」）成員載列如下： 竺稼先生 （主席） 孫宏斌先生 汪孟德先生 潘昭國先生 潘昭國先生 馬立山先生 竺稼先生 袁志剛先生 馬立山先生 孫宏斌先生 （主席） 袁志剛先生 環境、社會及管治委員會 （主席） 袁志剛先生 執行董事 獨立非執行董事 潘昭國先生 竺稼先生 ...

Core Viewpoint - Hong Kong property stocks experienced a significant rally, with notable increases in share prices for several major companies in the sector [1]. Group 1: Stock Performance - Sunac China saw a rise of over 7%, reaching a latest price of 1.430 with a total market capitalization of 164.02 billion [2]. - Country Garden increased by 5.15%, with a latest price of 0.510 and a market cap of 142.74 billion [2]. - Yuan Long Group rose by 4.59%, priced at 0.114 and a market cap of 13.46 billion [2]. - Shimao Group and China Resources Land both increased by over 3%, with Shimao priced at 0.280 and a market cap of 24.09 billion, while China Resources Land had a price of 30.300 and a market cap of 2160.67 billion [2]. - R&F Properties and Vanke Enterprises also saw increases of 3.33% and 3.45%, respectively, with prices of 0.620 and 4.200, and market caps of 23.26 billion and 501.09 billion [2]. - Other companies like Jin Hui Holdings, Agile Group, and Longguang Group also reported gains, with increases ranging from 2.05% to 2.62% [2].

Core Viewpoint - The Chinese real estate sector is experiencing a significant rally, with major companies like Sunac China, Country Garden, Shimao Group, Vanke, and R&F Properties seeing substantial stock price increases, driven by positive policy signals regarding high-quality housing development [1] Group 1: Stock Performance - Sunac China (01918) increased by 12.03%, reaching HKD 1.49 [1] - Country Garden (02007) rose by 9.28%, reaching HKD 0.53 [1] - Shimao Group (00813) saw a 7.41% increase, reaching HKD 0.29 [1] - Vanke Enterprises (02202) grew by 5.67%, reaching HKD 4.29 [1] - R&F Properties (02777) increased by 5%, reaching HKD 0.63 [1] Group 2: Policy and Market Outlook - Huayuan Securities' recent report emphasizes the importance of stabilizing housing prices for facilitating economic circulation in China [1] - The 20th Central Committee's fourth plenary session highlighted the need for promoting high-quality development in the real estate sector, indicating potential policy support [1] - The central government has frequently mentioned the importance of building quality housing this year, suggesting a shift in policy direction and supply-demand dynamics that may lead to a surge in high-quality residential development [1]

每经AI快讯，11月20日，港股内房股异动拉升，融创中国涨超9%，碧桂园涨超5%，万科企业、世茂集 团涨超3%。 （文章来源：每日经济新闻） ...

Core Insights - Sunac China Holdings Limited reported its operational data for October 2025, indicating a contract sales amount of 1.01 billion RMB and a contract sales area of 88,000 square meters with an average contract sales price of 11,480 RMB per square meter [1] Summary by Categories October 2025 Performance - The contract sales amount for October 2025 reached 1.01 billion RMB [1] - The total contract sales area for the month was 88,000 square meters [1] - The average contract sales price was 11,480 RMB per square meter [1] Year-to-Date Performance (January to October 2025) - Cumulative contract sales amount from January to October 2025 was 32.77 billion RMB [1] - Cumulative contract sales area for the same period was 1.089 million square meters [1] - The average contract sales price year-to-date was 30,090 RMB per square meter [1]

Core Viewpoint - Sunac China has successfully completed its offshore debt restructuring plan, effectively clearing approximately $9.55 billion in offshore debt, marking a significant turnaround for the company after a challenging period [1][7]. Debt Restructuring - The offshore debt restructuring plan will take effect on November 5, 2025, following the successful restructuring of domestic debts earlier this year [1]. - Sunac China is one of only three companies that have successfully restructured both domestic and offshore debts amidst a wave of defaults in the real estate sector since 2021 [1][3]. Leadership and Strategy - Chairman Sun Hongbin has played a crucial role in the restructuring process, demonstrating commitment by providing personal loans and guarantees to creditors [3]. - The company has adopted a strategy of "selling blood" or "creating blood" to reduce debt, which includes asset sales and debt restructuring [4]. - The second round of restructuring involved a mandatory full debt-to-equity swap, allowing creditors to become shareholders, thus sharing risks and benefits [4][7]. Financial Performance - As of January to September 2025, Sunac China achieved a contract sales amount of approximately 31.76 billion yuan, despite a year-on-year decline of 12.87% [8]. - The average selling price per square meter increased by nearly 1.14 million yuan, reaching about 31,700 yuan per square meter [8]. - The Shanghai One Number project has been particularly successful, selling out 66 units in one hour, with total sales exceeding 22 billion yuan for the year [8]. Future Challenges - Despite the successful debt restructuring, Sunac China still faces significant challenges, including a high debt-to-asset ratio of 94.73% and a net loss of approximately 12.81 billion yuan for the first half of 2025 [11]. - The company plans to deliver 60,000 units in 2025, which is only one-third of the previous year's deliveries, indicating ongoing operational challenges [11].

Core Viewpoint - Sunac China disclosed its unaudited operating report for October, indicating a significant performance in contract sales [1] Group 1: Sales Performance - In October, Sunac China and its subsidiaries, along with joint ventures and associates, achieved a contract sales amount of approximately 1.01 billion yuan [1] - The total contract sales area reached about 88,000 square meters [1] - The average contract sales price was approximately 11,500 yuan per square meter [1]

Core Viewpoint - Sunac China has successfully completed its offshore debt restructuring, with approximately $9.6 billion approved by the Hong Kong High Court, marking it as the first large real estate company to achieve full restructuring of both onshore and offshore debts [2][4]. Debt Restructuring - Sunac China is the first large real estate company to complete both onshore and offshore debt restructuring, significantly reducing its overall debt pressure by nearly 60 billion yuan [2][4]. - The onshore debt restructuring involved a total scale of 15.4 billion yuan, providing options such as cash offers, stock economic rights, asset offsets, and debt extensions, expected to reduce nearly 70% of onshore public debt [2][3]. - The offshore debt restructuring included a full debt-to-equity swap option, with two types of mandatory convertible bonds offered to creditors, aimed at maximizing creditor interests while stabilizing the company's capital structure [3][4]. Financial Performance - In the first nine months of the year, Sunac China achieved a contract sales amount of 31.76 billion yuan, a year-on-year decline of 12.9%, with a contract sales area of approximately 1 million square meters, down 44% [9]. - The average contract sales price increased by 56% year-on-year to approximately 31,730 yuan per square meter [9]. - The company reported a revenue of 19.99 billion yuan in the first half of the year, a decrease of 41.7%, with a loss attributable to shareholders of approximately 12.81 billion yuan, a reduction of 14.4% in loss margin [9]. Project Delivery - Sunac China has delivered a total of 668,000 units from 2022 to 2024, ranking among the top three in the industry for two consecutive years, with plans to deliver over 50,000 units by the end of the year [7][8]. - The company aims to return to a positive cycle of project development, sales, and delivery after completing its delivery commitments [8].