Xin Lang Cai Jing·2025-05-26 01:08Group 1: Company Strategy and Financial Position - The company is actively seeking to regain trust in the capital markets through non-public roadshows led by its chairman, Wang Xiaosong, in Hong Kong and Singapore, focusing on refinancing upcoming debts totaling $600 million [2][9][10] - The company plans to significantly reduce its development business, with a projected completion area of 5.5 million square meters in 2025, which is less than 40% of the 2024 completion area [3][4] - The company has not acquired new projects since July 2021 and aims to stabilize its core team through a focus on construction management business, which requires lower cash flow [3][4] Group 2: Commercial Operations and Revenue - The company's commercial operations, primarily through its 173 Wuyue Plaza complexes, are foundational to its business, achieving a rental rate of 97.97% and generating approximately $128.08 million in operational income [6][7] - The company expects commercial revenue to exceed 30% of total revenue in the next two years, with gross profit margins projected to be between 60% and 70% [6][7] Group 3: Debt Management and Financing - The company has a total interest-bearing debt of $57.7 billion, with a significant portion backed by Wuyue Plaza properties, and is actively replacing development loans with operational loans [7][9] - The company is exploring asset-backed financing options, including REITs, to improve its loan-to-value ratio, which could increase to 75%-80% [8] - The company is prepared to use its own funds to repay upcoming dollar-denominated debts if market conditions are unfavorable for new issuances [10][11]