中指研究院：出险房企近2万亿元债务进入安全期

Core Insights - 21 distressed real estate companies have undergone debt restructuring or reorganization, with a total debt reduction scale of approximately RMB 1.2 trillion, indicating a significant step towards risk clearance in the real estate sector [1] - The total interest-bearing liabilities of these companies are close to RMB 2 trillion, suggesting manageable short-term repayment pressures and a transition into a safer period [1] Group 1: Debt Restructuring Details - Companies that have completed domestic and overseas debt restructuring include Sunac, R&F, Aoyuan, and others, with notable approvals for overseas debt restructuring from companies like Kaisa and Greenland [1] - Typical methods for debt restructuring include debt-to-equity swaps, asset offsets, and full-term extensions, aimed at reducing actual debt burdens and improving balance sheets [1][2] - For instance, Longguang's domestic debt restructuring involved cash tender offers, debt-to-equity swaps, and asset offsets, while its overseas debt restructuring utilized cash payments and convertible bonds [1] Group 2: Debt Reduction Ratios - Some companies have publicly disclosed their overseas debt restructuring plans, with debt reduction ratios ranging from 40% to 70%, exemplified by Longguang achieving a 70% reduction [2] - Sunac's second round of overseas debt restructuring resulted in a complete debt reduction, while its domestic debt restructuring achieved over 50% reduction [2] - Other companies like CIFI, Kaisa, Aoyuan, and Shimao also reported debt reduction ratios exceeding 50% following their restructuring efforts [2] Group 3: Strategic Focus Post-Restructuring - After ensuring project delivery and completing debt restructuring, many distressed companies are shifting their focus towards light asset businesses, such as property management and asset management [2] - This strategic pivot is due to the ongoing pressure on their balance sheets, as light asset businesses require less capital investment and do not increase interest-bearing liabilities, aiding in recovery [2] - The core competencies of these companies, including product strength and brand influence, remain intact, providing a solid foundation for transitioning to resource revitalization and operational management [2]