融创96亿美元境外债清零，孙宏斌安全“落地”

Core Viewpoint - Sunac China has successfully completed the restructuring of its offshore debt, marking a significant milestone in mitigating its debt risks and establishing a sustainable capital structure [1][5]. Group 1: Debt Restructuring Process - Sunac announced that all preconditions for the comprehensive offshore debt restructuring have been met, with the effective date set for December 23, 2025, resulting in the full release of approximately $9.6 billion in existing debt [1][2]. - The restructuring plan involves issuing two types of mandatory convertible bonds to creditors, with the first bond having a conversion price of HKD 6.8 per share and the second at HKD 3.85 per share [2][4]. - By June 2025, approximately 75% of the creditors had agreed to the restructuring plan, meeting the necessary voting threshold for court approval [3][5]. Group 2: Market and Industry Context - The successful restructuring of Sunac is part of a broader trend in the real estate industry, where multiple companies are actively pursuing debt restructuring amid increasing policy support [7][8]. - As of October 2025, 21 distressed real estate companies have completed debt restructuring, significantly reducing the industry's short-term debt repayment pressure [8]. - The restructuring of Sunac is expected to decrease its overall debt pressure by nearly RMB 100 billion, leading to substantial annual interest savings and improved financial health [8][9]. Group 3: Operational Challenges and Future Outlook - Despite the successful debt restructuring, Sunac still faces significant operational challenges, including a decline in contract sales and revenue, with a reported net loss of RMB 12.81 billion in the first half of 2025 [10]. - The company holds a substantial land reserve of 12.4 million square meters, primarily located in first- and second-tier cities, which provides a competitive advantage for future sales [10]. - Accelerating the liquidation of existing projects and revitalizing remaining assets are critical for Sunac's operational recovery moving forward [10].