法院驳回针对融创的清盘呈请，债务重组已于上年底完成

Core Viewpoint - Sunac China successfully had a winding-up petition dismissed by the Hong Kong court, indicating a significant step in resolving its debt issues through a completed debt restructuring process [1][3][7]. Group 1: Winding-up Petition Dismissal - On January 5, 2026, the Hong Kong court rejected the winding-up petition against Sunac China, which was initially filed by China Cinda (Hong Kong) Asset Management Co., Ltd. in January 2025 [1][3]. - The dismissal was achieved through a joint application by the company and the petitioner, indicating a collaborative approach to resolving the issue [1][3]. Group 2: Debt Restructuring - Sunac China announced that approximately $9.6 billion (96 billion) of its existing debt was fully discharged as of December 23, 2025, as part of its debt restructuring plan [7]. - The company issued mandatory convertible bonds as part of the restructuring, and a portion of the outstanding loans was restructured, including a HKD 858 million loan where HKD 300.3 million was extended for ten years [7]. Group 3: Domestic Debt Management - Sunac China completed a domestic debt restructuring option, resulting in the cancellation of 10.6 billion (106 billion) in bonds, with 4.8 billion (48 billion) in bonds extended until June 2034 [8]. - The company reached an agreement to extend approximately 5.618 billion (56.18 billion) in loans, which is part of its strategy to stabilize its capital structure and restore confidence among stakeholders [8]. Group 4: Industry Context - Other real estate companies have also faced winding-up petitions, which are often used as negotiation tools to pressure companies into more favorable debt resolutions [8][9]. - Companies like Times China and Poly Developments have similarly had their winding-up petitions dismissed through joint applications, reflecting a trend in the industry [8][9].