Core Viewpoint - The company, Yuanyang, reported a significant decline in sales performance for 2025, with total sales amounting to approximately RMB 263.1 billion, a decrease of about 25.1% compared to 2024, reflecting a shift from previous high sales figures [1][2]. Sales Performance - In December 2025, Yuanyang's contract sales reached approximately RMB 25.2 billion, with a sales floor area of about 184,000 square meters and an average sales price of RMB 13,700 per square meter [1]. - The total sales area for the year was approximately 2.143 million square meters, with an average sales price of around RMB 12,300 per square meter [1]. - The sales performance in December showed a recovery in average sales price after a dip to around RMB 7,900 per square meter in November [1]. Land Reserve and Project Dependency - Yuanyang has not acquired new land since June 2022, relying heavily on existing projects for sales, such as Tianjin Future City and Wuhan Yuanyang Oriental Realm [2]. - The company's land reserve has decreased from over 50 million square meters at its peak to around 30 million square meters [2]. Delivery and Construction - In 2025, Yuanyang delivered approximately 24,000 residential units across 29 cities, a significant drop from 41,800 units in 2024 [2]. - The reduction in delivery aligns with the overall decrease in construction scale due to diminished land reserves [2]. Business Transformation - Yuanyang is shifting towards a "light asset" model, focusing on service-oriented businesses such as development agency and elderly care services [3]. - The company added 81 new agency projects in 2025, covering an area of 10.19 million square meters, ranking ninth in the industry [4]. Debt Restructuring - Yuanyang's debt restructuring is progressing in two phases: focusing on overseas debt in the first half of 2025 and domestic credit debt in the second half [9]. - The overseas debt restructuring plan was approved by courts in Hong Kong and England, resulting in a reduction of approximately USD 4 billion in unsecured debt [10]. - In the domestic context, a restructuring framework was announced in August 2025, with a total of approximately RMB 13.05 billion in bonds approved for restructuring by November [11].
债务重组成功突围后 远洋2025年销售额263亿寻底