房企化债迎实质性突破：融创方案获高票通过

Core Viewpoint - Recent debt restructuring efforts among major real estate companies have made significant progress, with notable advancements in the restructuring plans of companies like Sunac China and CIFI Holdings [1][3][4]. Group 1: Sunac China's Debt Restructuring - Sunac China announced that 98.5% of its creditors voted in favor of its offshore debt restructuring plan, with a corresponding debt amount support rate of 94.5% [6][7]. - The restructuring plan covers approximately $9.55 billion in offshore debt, including public market bonds and private loans, aiming to eliminate debt risks at the listed company level [5][9]. - If successful, the restructuring could reduce Sunac China's overall repayment pressure by nearly 70 billion yuan and save tens of billions in annual interest expenses [7]. Group 2: Other Companies' Restructuring Efforts - CIFI Holdings plans to hold a special shareholders' meeting on October 31 to review its offshore debt restructuring actions, indicating it is close to finalizing its restructuring [3][8]. - Country Garden is set to convene two creditor meetings on November 5 to consider and approve its proposed debt arrangements [3][8]. - Since Q3 2025, several companies, including Kaisa Group and Longfor Group, have reported substantial breakthroughs in their debt restructuring efforts, accelerating the industry's debt risk clearance process [3][8]. Group 3: Industry Trends and Support from Major Shareholders - The current wave of debt restructuring reflects a shift from merely alleviating liquidity pressures to substantial adjustments in debt scale through methods like debt-to-equity swaps and asset disposals [9][10]. - Major shareholders have provided significant financial support during this restructuring wave, with examples including Sunac China's major shareholder converting loans into equity and CIFI's major shareholder converting over 500 million HKD in loans into equity [10]. - As of August 2025, a total of 77 real estate companies have experienced debt defaults, with 20 companies having their restructuring plans approved, amounting to a total debt restructuring scale exceeding 1.2 trillion yuan [9].