Core Insights - The Chinese real estate industry is experiencing accelerated risk clearance as multiple companies achieve progress in debt restructuring and reorganization [1][2] Group 1: Company Developments - Sunac China Holdings Limited announced the approval of its approximately $9.6 billion offshore debt restructuring by the Hong Kong High Court, marking a significant milestone as it becomes one of the first large real estate firms to clear its offshore debt [1] - Following the restructuring, Sunac's overall debt pressure is expected to decrease by nearly 100 billion RMB, resulting in substantial annual interest savings [1] - Country Garden's offshore debt restructuring plan has been approved, involving a debt scale of approximately $17.7 billion (around 127 billion RMB), significantly reducing its total debt [2] - The new debt instruments for Country Garden have a financing cost reduced to 1.0%-2.5%, with the longest debt term extended to 11.5 years, providing a crucial buffer period for operational recovery [2] Group 2: Industry Trends - As of now, 21 distressed real estate companies in mainland China have received approval or completed their debt restructuring, with a total debt reduction scale of approximately 1.2 trillion RMB [2] - The core of many recent debt restructuring plans has shifted from merely extending repayment terms to directly "cutting debt" through mechanisms such as debt-to-equity swaps and lowering repayment interest rates, with many companies achieving debt reductions exceeding 50% and some reaching 70% [2] - The emergence of new business models in the real estate sector has allowed some companies to achieve performance growth, thereby "unburdening" their balance sheets and enhancing their operational capabilities [3]