行业透视 | 龙头房企债务重组破局，融创碧桂园连传捷报

Core Viewpoint - The successful debt restructuring of major real estate companies like Sunac China and Country Garden enhances industry confidence and provides a reference for other companies facing debt challenges [2][4][13]. Group 1: Debt Restructuring Developments - On November 5, Sunac China's $9.6 billion offshore debt restructuring plan was approved by the Hong Kong High Court, marking a significant milestone as it becomes the first major real estate company to complete both domestic and offshore debt restructuring [2][4]. - Country Garden's debt restructuring meetings on November 5 received overwhelming support, with 83.71% of the total debt amount of $4.101 billion voting in favor in the first meeting, and 96.03% support from 2,382 creditors in the second meeting, indicating a strong likelihood of successful restructuring [2][4]. - Since the beginning of 2025, the pace of debt restructuring and bankruptcy reorganization among real estate companies has accelerated, with 42 companies disclosing restructuring plans and 17 completing all or part of their debt restructuring [5][10]. Group 2: Changes in Debt Restructuring Models - The debt restructuring model for real estate companies has fundamentally shifted from merely extending repayment periods to substantial debt reduction, with many companies aiming for a debt reduction ratio of around 70% [9][10]. - The successful restructuring of leading companies like Sunac and Country Garden serves as a demonstration effect, encouraging other companies to pursue their own debt restructuring plans [10][13]. Group 3: Specific Debt Restructuring Cases - Sunac China has achieved a 100% debt-to-equity conversion for its $9.6 billion offshore debt, effectively clearing its offshore debt [11]. - Country Garden aims to reduce its offshore debt by up to $11.6 billion, with a debt reduction ratio of 65% and an extension of maturity to 11.5 years [11]. - Other companies, such as Longfor Group and Shimao Group, have also reported significant debt reductions, with Longfor achieving a 70% reduction on $8.038 billion of offshore debt [11].