削债86亿美元！佳兆业：重组方案已全面生效！

Core Viewpoint - Kaisa Group has successfully completed its offshore debt restructuring, marking a significant step in alleviating its debt burden and ensuring sustainable operations moving forward [1]. Group 1: Debt Restructuring Details - Kaisa Group issued approximately $13.372 billion in new notes and mandatory convertible bonds to qualified creditors, providing options for different maturities and yields [1]. - The restructuring plan will reduce the debt scale by approximately $8.6 billion, with an average extension of the debt term by 5 years, eliminating rigid repayment pressure until the end of 2027 [1]. - The new notes will have interest rates ranging from 5% to 6.25%, which is a decrease compared to historical debt rates, indicating substantial progress in resolving long-standing debt risks [1]. Group 2: Financial Performance and Outlook - As of mid-2025, Kaisa Group reported cash and bank deposits of approximately 2.17 billion yuan, a decrease of 9.2% from the end of 2024, with total borrowings around 133.739 billion yuan, of which approximately 119.252 billion yuan is due within a year [1]. - The company achieved revenue of approximately 3.701 billion yuan but incurred a loss of about 10.097 billion yuan during the reporting period [1]. Group 3: Industry Context and Future Strategy - The debt resolution process for real estate companies has accelerated this year, with over 20 companies having completed debt restructuring, totaling more than 1.2 trillion yuan [2]. - Kaisa Group aims to revitalize its assets and enhance operational efficiency through strategic investor engagement and project cooperation optimization, fostering a positive cycle for both the company and its industry partners [2]. - The company holds substantial land reserves, with approximately 12.6 million square meters in the Greater Bay Area, representing 61% of its total land reserves, and plans to convert urban renewal reserves into quality sellable resources [2].