Core Viewpoint - Vanke A has completed the sale of all A-share treasury stocks, which is part of a strategy to maintain company value and protect shareholder interests [1][6]. Group 1: Sale of Treasury Stocks - Vanke sold approximately 72.96 million shares, accounting for 0.61% of its total share capital, generating approximately 479 million yuan (before transaction fees) [5]. - The sale occurred between June 10 and June 12, 2025, with a highest transaction price of 6.72 yuan/share, a lowest price of 6.48 yuan/share, and an average price of 6.57 yuan/share [5]. - The treasury stocks were originally repurchased in 2022 as part of a plan approved by the board to enhance company value and shareholder rights [6][7]. Group 2: Financial Support and Debt Management - Shenzhen Metro Group, Vanke's largest shareholder, has been providing financial support, including a loan of up to 3 billion yuan for repaying bond principal and interest [7][8]. - In 2023, Shenzhen Metro Group has provided multiple loans to Vanke, totaling 101 billion yuan for similar purposes [8]. - Despite facing financial pressures, Vanke has been active in the land market, acquiring land in Wuhan and Zhengzhou, indicating a strategic move to strengthen its position [8]. Group 3: Industry Context - The real estate sector has seen positive signals regarding debt restructuring, with over 10 companies, including Sunac China and Country Garden, making progress in their debt restructuring efforts since May [8].

融创中国披露公告 图源：公告截图 华夏时报（www.chinatimes.net.cn）记者 李贝贝 上海报道 6月6日晚间，融创中国控股有限公司（下称"融创中国"，01918.HK）公告披露了其境外债务重组的最新进展。据 悉，目前约83%的现有证券持有人已提交加入重组支持协议的函件，整体未偿还本金总额中约74%的现有债务持 有人已提交加入重组支持协议的函件。 此举意味着融创中国的境外债重组基本实质性完成。据了解，境外债重组成功后，融创中国将成为行业第一家境 外债基本清"零"的大型房企，预计化债约600亿元。 值得注意的是，今年以来，房企债务重组按下加速键。包括融创中国在内，5、6月间，已有多家出险房企宣布化 债取得重大进展。中国企业资本联盟中国区首席经济学家柏文喜向《华夏时报》记者表示，房地产行业仍处于深 度调整期，市场出清与风险化解需政策、企业、金融系统多方协同："未来，具备稳健现金流、聚焦核心城市、创 新能力强的房企有望率先突围。" 境外债重组再获实质性进展 公告显示，目前约83%的现有证券持有人已提交加入重组支持协议的函件，整体未偿还本金总额中约74%的现有 债务持有人已提交加入重组支持协议的函件。 ...

｜2025年6月9日星期一 ｜ NO.1 上海8个楼盘共计789套新房源将入市 NO.2 万科获深铁集团不超过30亿元借款支持 NO.4 建发123.5亿元获得上海4幅地块开发权 6月6日，建发以123.5亿元总价成功捆绑获取上海虹口北外滩山寿里北区3幅商住混合地块及杨浦新江湾 1幅低密度别墅地块的100%开发权。其中，山寿里北区地块由上海虹口城市更新建设发展有限公司于 2024年12月竞得，预计提供1.94万平方米小高层及1.07万平方米风貌别墅。 点评：这对建发而言，拓展了优质项目储备，提升了在沪市场份额与品牌影响力，后续可凭借开发实力 打造高品质产品；同时，展现出优质房企在核心城市拿地的积极性，激发板块活力。 6月8日，上海网上房地产官网宣布了即将入市的新房名单，覆盖浦东、黄浦、徐汇、静安、杨浦、宝 山、嘉定等区域，共计8个新盘项目，涉及789套房源。其中，位于黄浦老城厢的上海壹号院以备案均价 18.9万元/平方米成为均价最高的项目，共推出124套房源。另有三个楼盘的备案均价超过10万元/平方 米。 NO.5融创中国境外债务重组获83%债权人支持 点评：这反映了市场对优质地段房源信心增强。市场供应增加， ...

Core Viewpoint - The recent acceleration of debt restructuring among real estate companies is primarily driven by the involvement of financial institutions and funds aimed at ensuring project completion, making negotiations with creditors easier [1][9]. Group 1: Debt Restructuring Developments - Multiple real estate companies, including Country Garden, Longfor Group, and CIFI Holdings, have announced their latest debt restructuring progress since May, employing diverse solutions such as debt-to-equity swaps, asset-for-debt exchanges, and discounted buybacks [1][8]. - Longfor Group's domestic debt restructuring plan involves a total principal amount of 21 domestic debts exceeding 21.962 billion yuan, with an optimized restructuring proposal announced on June 3 [2][5]. - CIFI Holdings' overseas debt restructuring plan received a high support rate of 92.66%, expected to reduce its overseas debt by approximately 5.27 billion USD (around 37.9 billion yuan), accounting for 66% of its total overseas debt [5][8]. Group 2: Restructuring Strategies - The restructuring strategies adopted by various companies include innovative methods such as debt-to-equity swaps, which are becoming a mainstream approach to reduce debt levels without cash outflow [9][10]. - CIFI Holdings' restructuring plan offers four options to bondholders, including bond buybacks and asset-for-debt exchanges, while Longfor Group's new plan categorizes 29 assets for specific trust and debt settlement options [5][10]. - Sunac China announced a restructuring plan for approximately 9.55 billion USD in overseas debt, with 82% creditor support, providing options for full debt-to-equity swaps [8][10]. Group 3: Industry Trends and Future Outlook - The total debt due for real estate companies is projected to reach 525.7 billion yuan by 2025, reflecting an 8.9% increase from 2024, indicating ongoing high repayment pressure [9][10]. - The restructuring landscape is evolving, with a shift towards more diversified options similar to those seen in overseas plans, including cash buybacks and longer repayment terms [10][11]. - As the restructuring processes accelerate, the path to clearing industry risks is becoming clearer, which may help restore confidence in the sector and provide hope to financial institutions [11].

放在行业看，今年以来房企债务重组按下加速键，近期已成功或接近成功的房企不断增加。一批资产相 对优质、运营基础良好的房企，通过积极探索境内、境外债务重组，也或将助力行业风险出清、引领更 多房企逐步走出困境。 若境外债重组成功，融创中国或将成为行业第一家境外债基本清"零"的大型房企，预计化债约600亿 元，真正实现轻装上阵，为公司恢复打下良好基础，并助力公司项目交付、资产盘活的工作和长期业务 恢复。 融创中国的境外债重组召集聆讯已定于2025年9月15日在香港高等法院召开，届时将寻求指令召开计划 会议，以让债权人进行法庭投票批准重组计划。在完成了相关法庭程序后，融创中国95.5亿美元的境外 债务重组将正式落地生效。 本报讯(记者陈潇)备受关注的融创中国控股有限公司(以下简称"融创中国")境外债重组，再次取得重大 进展。6月6日晚，融创中国公告境外债现有债务未偿还本金总额约74%的持有人已递交加入重组支持协 议的函件。同时，由于若干债权人需要更多时间完成加入重组支持协议的内部程序，融创中国将基础同 意费截止时间延至6月20日。 据了解，在法院裁决债务重组案时，只需参与投票债权人的75%投出赞成票，即视为通过。一般参 ...

中指研究院企业研究总监刘水表示，房企融资成本下降，一方面是因为当前宏观政策对楼市、房企支持 力度不断加大，5月份降准降息落地，也带动了房企融资成本的进一步下降，减轻房企融资压力、优化 债务结构；另一方面，5月份发债房企以央国企为主，其信用资质较好、融资优势突出，带动融资成本 结构性走低。 据悉，境外债重组一旦成功，融创将成为行业第一家境外债基本清"零"的大型房企。融创的境外债重组 召集聆讯已定于2025年9月15日在香港高等法院召开，届时将寻求指令召开计划会议，以让债权人进行 法庭投票批准重组计划。在完成了相关法庭程序后，融创95.5亿美元的境外债务重组将正式落地生效。 克而瑞数据显示，从债务到期情况来看，2024年房企债到期规模4828亿元，2025年债务到期更是达5257 亿元。在业内人士看来，鉴于今年仍是房企债务集中到期的时间点，预计房企化债工作在2025年将会进 一步提速。 据不完全统计，截至目前已有融创中国、碧桂园、旭辉控股、金科地产、龙光集团等超过10家房企债务 重组出现一定积极进展。与此同时，近段时间以来，多地房地产市场成交回暖，房企融资也呈现出回暖 趋势。中指研究院的最新监测数据显示，今年5月 ...

据不完全统计，近期出险房企债务重组或重整的进程加快。其中，金科重整获法院批准；旭辉、融创等 房企境外债重组已基本获债权人通过；龙光、旭辉发布债务重组方案，力图推进债务优化工作。 自5月以来，房企债务重组持续释放积极信号，多家房企的债务重组进程取得积极进展。与此同时，多 地房地产市场成交回暖，房企融资也呈现出回暖趋势。 克而瑞数据显示，从债务到期情况来看，2024年房企债到期规模4828亿元，2025年债务到期更是达5257 亿元。在业内人士看来，鉴于今年仍是房企债务集中到期的时间点，预计房企化债工作在2025年将会进 一步提速。值得注意的是，债转股正在成为越来越多房企债务重组的主要方式之一。过去，房企债务重 组多以展期为主要手段，试图以时间换空间缓解资金压力。然而，在新一轮债务重组进程中，房企化债 策略也出现转变，折价赎回债券、强制转股等全面削债方式正逐渐取代传统展期方案。 近段时间以来，多地房地产市场成交回暖，房企融资也呈现出回暖趋势。中指研究院的最新监测数据显 示，今年5月，房地产企业债券融资总额为288.8亿元，同比增长23.5%。受上年低基数效应影响，5月单 月融资总额同比增长。从融资结构来看，房地产 ...

Core Viewpoint - The article discusses the challenges faced by CIFI Holdings regarding its domestic debt restructuring plan, particularly the opposition from the bondholders represented by Zhejiang Laixi Private Fund Management Co., Ltd. [2][3] Group 1: Debt Restructuring Details - CIFI Holdings announced a domestic debt restructuring plan on May 23, involving seven bonds with a total principal of 10.06 billion yuan, including the "20 CIFI 01" bond [4]. - The "20 CIFI 01" bond was issued on May 29, 2020, with an issuance amount of 2.12 billion yuan and a coupon rate of 3.8%, originally maturing on May 28, 2023, but extended to May 29, 2025 [4]. - The restructuring plan offers four options for bondholders, with an overall debt reduction target of 50%. The first option involves a buyback at 18% of face value, the second offers equity rights, the third allows for asset swaps, and the fourth extends the maturity to January 18, 2034, with a reduced interest rate of 1% [4][5]. Group 2: Bondholder Meeting and Opposition - The bondholder meeting originally scheduled for June 4 was called by Laixi Fund, representing over 10% of the bondholders, to oppose the debt restructuring plan [2][5]. - The meeting was canceled by China International Capital Corporation (CICC) due to discrepancies in the bondholder list, which led to the conclusion that the required quorum was not met [9][10]. - Following the cancellation, Laixi Fund indicated plans to initiate a second bondholder meeting to continue their opposition to the restructuring [12]. Group 3: Industry Context and Implications - Since 2021, many real estate companies have initiated debt restructuring, with varying degrees of debt reduction. However, recent trends show a shift towards more aggressive debt cuts, with some companies facing second defaults [12]. - The restructuring model adopted by CIFI and other companies mirrors that of Sunac China, which successfully implemented a 50% debt reduction through various methods [12]. - If Laixi Fund's proposals succeed, it could set a precedent for other creditors and potentially alter the current debt restructuring dynamics within the real estate sector [13].

记者 田国宝 6月3日23时，中国国际金融股份有限公司（下称"中金"）公告，旭辉集团股份有限公司公开发行2020年 公司债券（第一期）（品种一）（下称"20旭辉01"）2025年第一次债券持有人会议的召集程序不符合相 关规则和约定，会议无效，召集被取消。 "20旭辉01"债券持有人会议原定于6月4日下午召开。此次会议并非由债券发行人旭辉集团发起，而是由 债券持有人浙江涞熙私募基金管理有限公司（下称"涞熙基金"）通过法定程序召集。 2025年5月23日18时，旭辉控股公布境内债重组方案，与这一轮多数房企债券重组类似，方案核心为削 债；当晚22时，涞熙基金通过上交所发布"20旭辉01"债券持有人会议公告，提出四项议案，要求旭辉全 额兑付剩余本金与利息，并附带司法保全等措施。 在公开债市场，由债权人召集债券持有人会议的情况较为罕见。此次涞熙基金召集的"20旭辉01"持有人 会议，矛头直指旭辉控股的境内债重组方案。涞熙基金负责人项清鹏向经济观察报表示，会议取消后， 他们正准备发起新的债券持有人会议。 根据旭辉控股的境内债重组目标，整体削债比例为50%。方案一的本金削债率达82%；方案二削债率约 为82%至87%；方案 ...

最近，房企债务重组不断传来好消息，这些房企经过与投资者的一番拉锯之后，推出了相对可行的化债方案。 境外债重组现有票据已获82%债权人支持 在业内人士看来，过去房企的债务重组以展期为主，以时间换空间，虽有部分房企提供债转股重组方案，但整体占比不高。在新一轮债务重组中，多数房企的化债 策略从原来的展期为主转向全面削债，主要通过折价赎回债券和强制转股等方式实现。由于大多数出险房企的现金流仍紧张，同时资产价值缩水或已被抵押、质 押，能够用于抵债的优质资产已不多， "债转股"便成为了大多数出险房企重组的标配。 在这样的背景下，房企需要的是一次真正意义上的债务重组，通过系统性、 长期性的措施来有效化解债务风险，而当下房企债务重组成功 的 原因 首先是强救市政策下，给房企融资以及资产处置方面带来较大的支持；其次是债权方心态发 生了改变，降低预期是推动债务重组的必要条件。 中国企业资本联盟中国区首席经济学家柏文喜表示，房地产行业仍处于深度调整期，市场出清与风险化解需政策、企业、金融系统多方协同。短期看，现金流紧张 和债务压力仍是最大挑战；中长期需通过供给侧改革（如优化土地供应结构）和需求端刺激（如降低房贷利率）重建行业健康生 ...