削债86亿美元，佳兆业：重组方案已全面生效

Core Viewpoint - Kaisa Group has successfully completed its offshore debt restructuring, achieving significant debt reduction and extending repayment terms, which lays a solid foundation for the company's sustainable operation and development [1][2]. Company Summary - Kaisa Group issued approximately $13.372 billion in new notes and mandatory convertible bonds to qualified creditors, with the new notes expected to be listed on the Singapore Exchange on September 16 [1]. - The restructuring plan will reduce the company's debt by approximately $8.6 billion, with an average extension of debt maturity by 5 years, eliminating rigid repayment pressure until the end of 2027 [1]. - The new notes have interest rates ranging from 5% to 6.25%, which is a decrease compared to historical debt rates, indicating substantial progress in resolving long-standing debt risks [1]. - As of mid-2025, Kaisa Group reported cash and bank deposits of approximately 2.17 billion yuan, a decrease of 9.2% from the end of 2024, with total borrowings of approximately 133.739 billion yuan, of which about 119.252 billion yuan is due within one year [1]. Industry Summary - The pace of debt resolution among real estate companies has accelerated this year, with over 70 companies experiencing debt defaults from 2020 to 2025, and 20 companies having completed debt restructuring or reorganization as of August this year, totaling over 1.2 trillion yuan in debt relief [2]. - Kaisa Group's successful debt restructuring is expected to help the company activate its existing assets and accelerate resource integration, enhancing operational efficiency and instilling confidence in industry partners [2]. - Kaisa Group has a substantial land reserve, with approximately 12.6 million square meters in the Greater Bay Area, accounting for 61% of its total land reserves, and over 100 urban renewal projects not yet included in land reserves, covering an area of about 31 million square meters [2].