离“上岸”再近一步！融创96亿美元债务将获全面解除及免除

Core Viewpoint - Sunac China is set to complete a comprehensive debt restructuring plan, which will eliminate approximately $9.6 billion in existing offshore debt by December 23, 2025, contingent upon meeting or waiving restructuring conditions [1][2][5]. Debt Restructuring Details - The restructuring plan has been approved by the Hong Kong High Court, allowing for a full debt-to-equity swap option, where creditors will receive two types of mandatory convertible bonds with conversion prices of HKD 6.80 and HKD 3.85 per share [5][6]. - If all debts are converted to equity, it is estimated that over 13 billion new shares will be issued, increasing the total share capital from approximately 10.6 billion shares to over 24.5 billion shares by the end of 2024 [5][6]. Financial Impact - The successful restructuring is expected to reduce the company's overall debt repayment pressure by nearly 60 billion yuan and save tens of billions in interest expenses annually [7][9]. - The company has also entered into a restructuring agreement with Jiyou for an outstanding loan of HKD 858 million, which will be partially restructured and settled through the issuance of new shares [8][9]. Market Position and Sales Performance - Sunac China is the first large real estate company to complete both domestic and offshore debt restructuring, which is expected to support the company's overall credit and long-term business recovery [9]. - For the period from January to November, the company reported a total contract sales amount of 33.89 billion yuan, a year-on-year decline of 25.3%, while the average contract sales price increased by 34.23% to approximately 28,700 yuan per square meter [9].