Chang Jiang Shang Bao·2025-07-06 23:07Core Viewpoint - Shimao Group is accelerating asset sales to recover funds and alleviate debt, with significant progress in debt restructuring and cash flow improvement [1][4]. Group 1: Asset Sales - Shimao Group announced the sale of a 50% stake and debt in a commercial project in Beijing for 156 million RMB, part of a strategy to focus on core cities and divest non-strategic assets [2][3]. - The company has sold over 10 billion RMB worth of quality assets since late 2021, including the sale of the Shanghai Bund Hotel and Guangzhou Asian Games Village equity, to support debt restructuring and ensure project delivery [3][4]. Group 2: Debt Restructuring - The company initiated a comprehensive restructuring of its offshore debt after a default on a 1 billion USD bond in July 2022, with a plan approved by the Hong Kong court in March 2025 [4][5]. - The restructuring plan aims to relieve approximately 11.5 billion USD of existing offshore debt, significantly reducing the overall debt burden and improving financial health [4][5]. Group 3: Financial Management - Shimao Group has successfully extended domestic loans totaling about 9.3 billion RMB, with some loans extended until 2030, signaling positive developments in financial management [5]. - The company is exploring various financing channels, including asset securitization and supply chain financing, to optimize funding and support project delivery [6]. Group 4: Project Delivery - The company has prioritized project delivery, successfully delivering around 8,300 housing units in 2025, significantly easing delivery pressure [6]. - In the first five months of the year, Shimao Group achieved a contract sales total of approximately 11.202 billion RMB, with a notable reduction in the decline compared to the previous year [7].