知名房企境内债券重组，初步方案来了

Core Viewpoint - R&F Properties is proposing a restructuring plan for its domestic bondholders, offering six options due to its current operational status, with a total outstanding balance of approximately 14.4 billion yuan [2][4]. Summary by Sections Restructuring Options - The company is offering a cash buyback option, proposing to repurchase bonds at a 20% discount in three phases, with a total buyback amount not exceeding 600 million yuan [4]. - The second option involves asset-backed debt repayment, where for every 100 yuan of remaining bond value, bondholders can claim 30 yuan worth of physical assets, with a total outstanding bond principal of up to 6.6 billion yuan [5]. - The third option is to use accounts receivable trust shares for debt repayment, with a base asset of 300 million yuan in receivables, allowing bondholders to claim 30 yuan worth of trust shares for every 100 yuan of remaining bond value, with a total outstanding bond principal of up to 1 billion yuan [5]. - The fourth option is asset trust shares repayment, where bondholders can claim 35 yuan worth of asset trust shares for every 100 yuan of remaining bond value, with a total outstanding bond principal of up to 5.7 billion yuan [5]. - The fifth option involves the issuance of up to 200 million shares in Hong Kong for stock economic rights repayment, with the net proceeds used to repay bondholders who opt for this option [5]. - The sixth option is a full debt extension until September 16, 2035, with a reduced interest rate of 1% and semi-annual cash payments starting from March 16, 2031 [6]. Company Background - R&F Properties is a well-known real estate company in Guangdong, previously recognized as a leader in South China, with peak sales exceeding 130 billion yuan in 2019, but projected sales for 2024 are only 11.23 billion yuan [6]. - The company currently has eight outstanding domestic bonds totaling 14.4 billion yuan, including six general corporate bonds, one private corporate bond, and one directed tool, with the largest bonds being "18 R&F 10" and "18 R&F 08," each exceeding 4 billion yuan [6].