知名房企境内债券重组，初步方案来了

Core Viewpoint - R&F Properties is offering six restructuring options for its domestic bondholders due to its overall operational status, with a total outstanding balance of approximately 14.4 billion yuan [1][3]. Summary by Category Restructuring Options - The company proposes a comprehensive restructuring plan for domestic bondholders, which includes cash buyback, asset swaps, trust shares, stock economic rights, and full debt extension [3][4]. - Cash buyback option involves repurchasing bonds at a 20% discount, with a total buyback amount not exceeding 600 million yuan [3]. - Asset swap option allows bondholders to exchange bonds for physical assets valued at 30 yuan for every 100 yuan of bond face value, with a total outstanding bond principal of up to 6.6 billion yuan [3]. - Trust shares option involves using 300 million yuan in receivables to establish a trust, allowing bondholders to exchange bonds for trust shares valued at 30 yuan for every 100 yuan of bond face value, with a total outstanding bond principal of up to 1 billion yuan [3]. - Asset trust shares option allows bondholders to exchange bonds for asset trust shares valued at 35 yuan for every 100 yuan of bond face value, with a total outstanding bond principal of up to 5.7 billion yuan [3]. - Stock economic rights option involves issuing up to 200 million shares in Hong Kong to a special purpose trust for bondholders, with proceeds used to repay selected bondholders [4]. - Full debt extension option will extend the remaining bond principal to September 16, 2035, with a reduced interest rate of 1% and semi-annual cash payments starting March 16, 2031 [4]. Company Background - R&F Properties is a well-known real estate company in Guangdong, previously recognized as a leader among the "Five Tigers of South China," with peak sales exceeding 130 billion yuan in 2019 [4]. - The company's total sales for 2024 are projected to be only 11.23 billion yuan [4]. - The current outstanding domestic bonds consist of eight issues, including six general corporate bonds, one private corporate bond, and one directed tool, with the largest two bonds each exceeding 4 billion yuan [4].