“卷王”龙湖偿债：再付10亿！

Core Viewpoint - Longfor Group has successfully reduced its interest-bearing debt by 40 billion over three years, demonstrating effective debt management strategies amidst industry challenges [4]. Group 1: Debt Management and Performance - Longfor Group's stock price has shown a continuous upward trend, closing at 9.57 HKD per share on January 6, reflecting a 4.48% increase, with a total market capitalization of 67.4 billion HKD [1]. - The company completed the principal repayment and interest payment for the "21 Longfor 02" corporate bond, amounting to approximately 1.038 billion, on January 5 [1][2]. - Following the repayment of "21 Longfor 02," Longfor Group's domestic credit bond balance is approximately 3.4 billion, with significant repayments due in 2026 [2]. Group 2: Future Debt Obligations - 2025 is identified as a critical year for Longfor Group, with a concentrated debt repayment schedule, including early redemptions of two bonds totaling 3.9775 billion in the first half of the year [2]. - The company has a structured repayment plan, with expected repayments of around 20 billion each in 2026 and 2027, and 10 billion each in 2028 and 2029, aiming to stabilize debt levels around 100 billion [4]. Group 3: Financial Strategy and Industry Challenges - Longfor Group's proactive debt reduction strategy has led to a significant decrease in interest-bearing debt from 208 billion to 169.8 billion, with a target of reducing it to approximately 140 billion by the end of 2025 [4]. - Despite the successful debt management, the company faces ongoing challenges from the real estate industry's downturn, including declining sales and narrowing profit margins [4]. - Standard & Poor's downgraded Longfor Group's long-term issuer credit rating from "BB" to "BB-" on November 17, 2025, indicating ongoing scrutiny of the company's financial health [5].