Core Viewpoint - Sun Hongbin's commitment has been rewarded as Sunac China successfully completes its offshore debt restructuring, effectively clearing $9.55 billion in debt, marking a significant turnaround for the company after a period of financial distress [2][7]. Debt Restructuring - Sunac China has achieved substantial progress in its debt restructuring efforts, with the completion of $9.55 billion in offshore debt restructuring and $16 billion in domestic debt restructuring earlier this year [2][6]. - The restructuring plan received overwhelming support from creditors, with 98.5% of voting creditors approving the plan, far exceeding the 75% threshold required by Hong Kong law [7]. Leadership and Strategy - Sun Hongbin's personal investment and commitment to the company have been pivotal, including a $450 million interest-free loan and using personal assets to back the company's credit [3][5]. - The company has adopted a strategy focused on core cities and high-quality projects, with a notable emphasis on markets like Beijing, Shanghai, and Chongqing [8]. Financial Performance - For the first nine months of 2025, Sunac China reported a contract sales amount of approximately 31.76 billion yuan, despite a year-on-year decline of 12.87%, with an average selling price per square meter increasing to about 31,700 yuan [8]. - The Shanghai One Number project has been particularly successful, achieving sales of over 22 billion yuan in 2025 alone, indicating strong market demand for high-end properties [8]. Challenges Ahead - Despite the successful debt restructuring, Sunac China still faces significant challenges, including a high debt-to-asset ratio of 94.73% and a reported loss of approximately 12.81 billion yuan for the first half of 2025 [12]. - The company aims to deliver 60,000 units in 2025, which is only one-third of the previous year's deliveries, highlighting ongoing operational challenges [11][12].
孙宏斌“赌”赢了：融创中国95.5亿美元境外债务实质性清零，他还牢牢掌握公司控制权