Core Viewpoint - Sun Hongbin's efforts have paid off as Sunac China successfully completed its offshore debt restructuring, effectively clearing $9.55 billion in offshore debt, marking the end of a challenging period for the company [2]. Debt Restructuring - Sunac China has achieved substantial progress in debt restructuring, with $9.55 billion in offshore debt now effectively cleared, following a successful domestic debt restructuring earlier this year [2][11]. - The second round of restructuring involved a mandatory full debt-to-equity swap, allowing creditors to become shareholders, thus sharing risks and benefits [11][13]. - The restructuring plan received overwhelming support, with 98.5% of voting creditors approving it, significantly exceeding the 75% threshold required by Hong Kong law [13]. Leadership and Strategy - Sun Hongbin's personal commitment to the company included a $450 million interest-free loan and using personal assets to back the company's credit, demonstrating his determination to rescue Sunac China [8]. - The company is focusing on core cities and high-quality projects, with a notable sales performance in premium properties, such as the Shanghai Yihua project, which achieved significant sales figures [15][19]. - Despite the successful restructuring, Sunac China still faces challenges, including a high debt ratio of 94.73% and a significant loss of approximately $12.81 billion in the first half of 2025 [19][20]. Market Performance - In the first nine months of 2025, Sunac China reported a contract sales amount of approximately $31.76 billion, despite a year-on-year decline of 12.87% [15]. - The average selling price per square meter increased by nearly 1.14 million yuan, reaching about 31,700 yuan per square meter, indicating a positive trend in high-end property sales [15]. - The company plans to deliver 60,000 units in 2025, which is only one-third of the previous year's deliveries, highlighting the ongoing challenges in meeting market demands [20].
孙宏斌，闯过最难一关