绿地控股，有点让人意外

Core Viewpoint - Greenland Holdings is actively engaging in a debt buyback strategy to manage its outstanding USD bonds, demonstrating a significant commitment to reducing its debt burden [1][2]. Debt Buyback Details - Greenland plans to repurchase USD bonds totaling approximately $13.4 billion, which represents 40% of its total outstanding offshore debt of $34 billion [1]. - The company intends to execute the buyback at about 20% of the market price, amounting to an expenditure of approximately $2.68 billion, equivalent to around 19 billion RMB [1][2]. - The buyback will significantly reduce actual debt by over $10 billion, effectively cutting the debt burden by 80% for this portion [2]. Specific Bond Repurchase Proportions - The repurchase proportions for the nine USD bonds are as follows: - $130 million for the bond maturing in 2028.6, representing 29.52% - $130 million for the bond maturing in 2028.11, representing 38.72% - $7.59 million for the bond maturing in 2028.12, representing 25.78% - $120 million for the bond maturing in 2029.2, representing 41.14% - $184 million for the bond maturing in 2029.4, representing 47.08% - $247 million for the bond maturing in 2029.9, representing 44.73% - $51 million for the bond maturing in 2030.3, representing 14.6% - $104 million for the bond maturing in 2031.1, representing 38.09% - $340 million for the secured bond in 2030, representing 51.45% [3]. Voting Outcomes and Future Steps - Six out of the nine bonds received creditor approval for the buyback, while two did not pass, and one is pending due to insufficient votes [1][4]. - For the bonds that passed, if the remaining amount falls below 33% of the total after the buyback, Greenland can redeem them at 19% of their face value [3]. - The bond maturing in 2028.12 is expected to pass in the delayed vote, as it has already received 25.78% acceptance [3]. Potential Scenarios for Non-Approved Bonds - Creditors may either form a coalition to oppose Greenland's buyback efforts or may choose to accept the buyback, which could weaken their resolve [5][6]. - Historical cases suggest that time tends to favor the debtor rather than the creditor in such situations [6].