Core Viewpoint - Sun Hongbin and Sunac China are awaiting the finalization of their second offshore debt restructuring plan, as the company seeks to navigate through the ongoing industry adjustments and mitigate risks [2][3] Debt Restructuring Progress - As of June 24, 75% of the holders of Sunac's existing debt have joined the restructuring support agreement, up from 64% at the end of May, indicating increasing creditor support for the full debt-to-equity swap plan [2][5] - The offshore debt restructuring hearing is scheduled for September 15, where the company will seek the Hong Kong High Court's directive to convene a plan meeting for creditor consideration [3] - On July 4, Sunac announced the issuance of 754 million new shares to repay approximately 5.6 billion yuan of domestic bonds under the "stock option" [3] Debt-to-Equity Swap Details - The total scale of Sunac's offshore debt is approximately $9.55 billion, with the company having faced its first dollar bond default in the first half of 2022 due to the liquidity crisis in the real estate sector [5][7] - The restructuring plan includes two series of new mandatory convertible bonds with conversion prices set at HKD 6.80 and HKD 3.85, with the latter option capped at 25% of the total debt [7][8] Strategic Focus and Market Position - Sunac is shifting its focus to core cities such as Beijing, Shanghai, Xi'an, and Chongqing, aiming to concentrate resources and improve project quality [11][13] - The company has successfully secured financing for several projects, including a 2.476 billion yuan investment for the Chongqing Bay project and debt restructuring for the Beijing Sunac One [13][14] Current Challenges - Sunac faces significant challenges, including the auction of two office properties in Beijing due to unresolved debt disputes, with starting prices of approximately 18.69 million yuan and 21.02 million yuan [16][17] - The company has accumulated 65 new enforcement cases in July alone, with total enforcement amounts nearing 4 billion yuan, highlighting ongoing liquidity pressures and judicial risks [17]
孙宏斌背水一战，融创债务重组攻坚