融创境外债务重组正式生效，化债全面完成

Core Viewpoint - Sunac China Holdings Limited has officially implemented its offshore debt restructuring plan, effectively resolving debt risks at the listed company level and laying a solid foundation for comprehensive operational recovery [1] Group 1: Debt Restructuring and Industry Context - The real estate industry's debt restructuring process has accelerated this year, with 21 distressed property companies completing debt restructuring or reorganization, totaling approximately 1.2 trillion yuan [1] - Sunac is the first large property company to complete comprehensive debt restructuring both domestically and internationally, providing a benchmark case for industry relief [1] - The core consensus in the real estate sector is that resolving debt risks is a key prerequisite for companies to restore healthy operations [1][2] Group 2: Sunac's Debt Restructuring Process - Sunac's debt restructuring involved a market-oriented approach, successfully completing domestic public debt restructuring in January and initiating a complex offshore debt restructuring [2] - The offshore debt restructuring received a high approval rate of 98.5% from creditors and was formally approved by the Hong Kong court, marking a significant milestone in the company's debt resolution journey [2] - The major shareholder's commitment to the company, including providing personal guarantees and interest-free loans, played a crucial role in the successful completion of the debt restructuring [2] Group 3: Market Impact and Future Outlook - Sunac's successful debt restructuring has significantly boosted market confidence and is seen as a model for the industry [3] - The completion of the debt restructuring allows Sunac to shed historical burdens, activate core operational capabilities, and marks a critical turning point from risk clearance to value recovery [3] - The restructuring is expected to reduce overall debt pressure by nearly 60 billion yuan, enhance net assets, and substantially improve financial stability [3]