Core Viewpoint - Sunac China has successfully completed its offshore debt restructuring, resulting in the full release and waiver of approximately $9.6 billion in existing debt, significantly alleviating the company's debt risk [1][3][4]. Group 1: Debt Restructuring Details - The offshore debt restructuring was effective as of December 23, with all preconditions met, leading to the issuance of mandatory convertible bonds totaling approximately $9.659 billion [3]. - The company issued approximately $7.259 billion in Mandatory Convertible Bond 1 and $2.4 billion in Mandatory Convertible Bond 2, with the bonds expected to be listed on the New Exchange around December 26 [3]. - The conversion period for Mandatory Convertible Bond 1 starts on December 23, 2025, and ends on May 21, 2026, with an initial conversion price of HKD 6.8 per share [3]. Group 2: Impact on Debt Pressure - The completion of the offshore debt restructuring has resolved the company's debt risk and is expected to reduce overall debt pressure by nearly 60 billion yuan [4]. - Prior to the offshore restructuring, Sunac had already completed a domestic bond restructuring of 15.4 billion yuan, contributing to the overall debt relief [4]. - The company has proposed multiple options for domestic bondholders, including cash offers, debt-to-equity swaps, asset offsets, and debt extensions, catering to various creditor needs and interests [4]. Group 3: Future Outlook - Sunac China anticipates delivering over 50,000 new homes in 2025, with a cumulative delivery of over 700,000 homes over four years, indicating a ramp-up in operational activities [5].
融创中国，全面境外债务重组完成