化债“百吨黄金”！孙宏斌现身：“融创最难时候已经过去”

Core Viewpoint - The chairman of Sunac China, Sun Hongbin, expressed optimism at the shareholders' meeting, stating that the most difficult times for the company are over, signaling a potential recovery for the firm [2][11]. Debt Restructuring - Sunac China announced a significant breakthrough in its debt restructuring, with a total of approximately $9.55 billion in overseas debt being converted into equity [4][6]. - The debt-to-equity conversion plan has received support from about 75% of the holders of the existing debt, indicating a strong consensus among creditors [6][7]. - The total debt, including both overseas and domestic, amounts to approximately 83.85 billion yuan, equivalent to about 100 tons of gold [7]. Sales Performance - Sunac's project, the Bund No. 1 Phase II, achieved a remarkable sales figure of 9.997 billion yuan in April 2024, marking it as one of the highest-selling projects in Shanghai [9]. - The company reported a cumulative sales figure exceeding 17 billion yuan in the first half of the year, securing the title of the top-selling project in the country [9][10]. Financial Performance - In 2024, Sunac China reported revenues of approximately 74.02 billion yuan, a significant decline of 52% year-on-year, while gross profit turned from a loss of 2.5 billion yuan in 2023 to a profit of 2.89 billion yuan [10]. - However, the loss attributable to shareholders widened from 7.97 billion yuan in 2023 to 25.7 billion yuan in 2024, indicating ongoing financial challenges [10]. Strategic Focus - Sunac is shifting its strategy to focus on major cities and improving project quality, aiming to replicate the success of the Bund No. 1 project [10]. - The company is undertaking a thorough review of its residential projects, implementing tailored strategies for debt restructuring and asset revitalization [10].