龙光更新219亿境内债重组方案，拟额外筹集现金保障偿付

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]