20家房企债务重组，化债规模已超12000亿元

Core Viewpoint - The article discusses the progress of debt restructuring among real estate companies in China, highlighting a smoother process in 2025 compared to previous years, with significant amounts of debt being restructured and approved by creditors [3][6]. Group 1: Debt Restructuring Progress - As of August 20, 2025, "21 Xuhui 03" approved its restructuring plan, bringing Xuhui's domestic debt restructuring close to completion, with a total of 96 billion yuan in six domestic bonds approved [3]. - Sunac has completed various terms of its domestic debt restructuring, with stock option registration completed for an amount of 5.59 billion yuan, and its domestic bonds resumed trading on August 11 [3]. - Country Garden's offshore debt restructuring has gained more support from creditors, while Times China successfully obtained approval from the Hong Kong High Court for its offshore debt restructuring plan [3]. Group 2: Debt Restructuring Scale - Approximately 60 distressed real estate companies have announced debt restructuring or corporate reorganization progress, with 20 companies having their debt restructuring or reorganization plans approved, totaling over 12 trillion yuan in debt [6]. - Companies that have completed both domestic and offshore debt restructuring include Sunac, Aoyuan, Yuanyang, Times China, and Longguang, while companies with approved offshore debt restructuring include Xuhui, Kaisa, Yuzhou Properties, Shimao, Greenland, and Country Garden [7]. Group 3: Restructuring Strategies - Many companies that completed debt restructuring earlier have faced new crises due to misjudgments about the industry, leading to a new round of self-rescue efforts [7]. - The main strategies for recent restructuring plans include cash buybacks, debt extensions, and debt-to-equity swaps, with many companies aiming for a debt reduction ratio of around 70% [8]. - Sunac's second offshore debt restructuring plan involves converting all its dollar bonds into equity, making it the first large developer to adopt this approach [7].