Feng Huang Wang·2026-03-26 07:36Core Viewpoint - Shimao Group has updated its announcement regarding the "no opinion" matter for the 2024 annual report, highlighting significant progress in its debt restructuring efforts and ongoing negotiations with creditors [1] Group 1: Debt Restructuring - The company's offshore debt restructuring plan became effective on July 21, 2025, with approximately $4.1 billion of mandatory convertible bonds converted into new shares, representing about 82% of the total amount issued [1] - In addition to offshore debt restructuring, the company has been negotiating loan extensions or restructurings with domestic lenders, successfully extending approximately 1.8 billion yuan of domestic loans since early 2026, with the longest extension lasting until 2029 [1] Group 2: Cash Flow Improvement - The company is implementing targeted incentive plans for the recovery and revitalization of various receivables and is actively responding to government support policies to improve cash flow [1] - Measures include revitalizing funds from government regulatory accounts, advance land payments, and various deposits, which are used to pay or offset project engineering costs, taxes, and other expenses [1] Group 3: Sales and Delivery - The company plans to accelerate the sale of existing properties and ensure delivery, setting reasonable sales prices and supply plans based on market conditions to achieve sales and collection targets [1] - In the first two months of this year, the total contracted sales amounted to 2.811 billion yuan [1] Group 4: Government Support - As of the announcement date, the company has secured loans totaling approximately 749 million yuan under the local government whitelist, alleviating financial pressure for housing delivery [2]