Core Viewpoint - The real estate industry is experiencing a significant debt restructuring process in early 2026, with multiple companies making important progress in their debt resolution efforts, indicating a continuation of the trend from 2025 [1][2]. Group 1: Debt Restructuring Progress - In January 2026, companies such as Vanke, Road King, and Fantasia have disclosed important developments in their debt restructuring [2][3]. - Vanke's debt restructuring plan includes a combination of fixed payments, cash buybacks, and interest prepayments, which has garnered high approval from bondholders [2]. - Fantasia's restructuring has entered a critical judicial phase, as indicated by a ruling from the Hong Kong High Court [3]. Group 2: Scale of Debt Restructuring - In 2025, significant progress was made in debt restructuring, with 21 distressed real estate companies completing their restructuring, amounting to a total debt relief of approximately 1.2 trillion yuan [5]. - Jin Ke Co., for instance, completed a judicial restructuring involving a debt scale of 147 billion yuan, marking it as the largest case in the industry [4]. - Sunac China and Country Garden have also successfully implemented their debt restructuring plans, with Sunac reducing its overall debt pressure by nearly 60 billion yuan [4]. Group 3: Policy Support - The "white list" financing mechanism has been crucial in supporting the debt restructuring efforts, allowing for a shift from relying on company credit to focusing on project assets [6][7]. - As of January 2026, the loan extension period for qualifying "white list" projects has been increased from 2.5 years to 5 years, providing companies with more financial flexibility [7]. - This policy change is expected to enhance the operational stability of quality private real estate companies, allowing them to diversify their business and mitigate risks [7].