研究中心专题卡介绍 研究专题卡是克而瑞研究中心推出的一套系统化的房地产企业情报定制方案，旨在用专业的行业知识与精湛的 行业预判为房企预测走势、预警风险、提供借鉴。 每年为企业提供『宏观研究、市场研究、企业管控、项目借鉴、营销案例、产品案例、运营模式、企业深度、 企业融资及盈利模式』十大类、五十个专题的选择。 产品类型 服务形式 企业可根据自身需求从专题列表中选择适合专题打包组成定制专题卡，但全年累积不得超过会员自身等级规定数量。 2025年新增专题 点击 红色标题 阅读缩略版 专题 | 2025年地方供地计划探析：规模压降、结构优化与市场效应 2025年一季度推动行业去库存规模已达1亿平方米，2025年初土地市场的结构性回暖正在为行业复苏带来更多 信心。 专题 | 一季度小阳春特征解析和持续性展望 2025年一季度楼市企稳，热点城市回暖，二季度或延续弱复苏。 ※ 2025年一季度中国房地产行业总结与展 望 总结与展望 | 2025年一季度中国房地产行业总结与展望（上篇） 总结与展望 | 2025年一季度中国房地产行业总结与展望（中篇） 总结与展望 | 2025年一季度中国房地产行业总结与展望（下篇） 专题 | ...

Core Viewpoint - The successful debt restructuring of Chongqing Xiexin Yuanchuang Industrial Co., Ltd. marks a significant milestone in the real estate sector, demonstrating a replicable model for other companies facing similar challenges [1][12]. Group 1: Chongqing Xiexin Yuanchuang's Restructuring Process - The restructuring process for Chongqing Xiexin Yuanchuang took over three years, beginning with a court ruling in October 2021 and culminating in the approval of the restructuring plan by creditors in April 2025 [3][4]. - The debt involved exceeded 60 billion yuan, with nearly 5,000 creditors participating in the restructuring [4]. - The restructuring plan included cash payments from three investors for equity and asset acquisition, and the establishment of a trust to repay creditors [4][5]. Group 2: Government and Institutional Support - The Chongqing government established a special task force to coordinate efforts among various departments, ensuring compliance and protecting asset values during the restructuring [4][6]. - Central enterprises and local state-owned assets played a crucial role in the restructuring, with CITIC Group providing significant support through its financial services [6]. Group 3: Broader Industry Implications - The successful restructuring of Xiexin Yuanchuang has set a precedent for other real estate companies, accelerating the debt restructuring process across the industry [8][12]. - Other companies, such as Sunac and Shimao, have also seen their debt restructuring plans approved, indicating a broader trend of recovery within the real estate sector [8][10]. - The stabilization of major real estate companies is viewed as a critical indicator of the industry's recovery, contributing to market confidence and economic stability [11][12].

房企境外债务重组出现了新路径。 4月17日深夜，融创中国（01918.HK）宣布，针对总规模约95.5亿美元的境外债务重组，已取得重大进 展，新方案拟"全额债权转股权"，向债权人分派两种新强制可转债。目前，合计持有债务本金26%的债 权人，已经或正在签订重组支持协议。 当前，受现金流紧张、资产价值缩水等因素影响，房企在进行债务重组时，普遍选择债务期限展期、债 转股、资产清偿等方式，其中"债转股"正成为房企重组的"标配"。而像融创中国此类拟将境外债务全 部"转股"的房企，在行业内还是首家。 这家大型房企"债转股"的具体方案怎样？又将如何维持股权结构的稳定性？其他业内房企在后续重组 时，是否会跟进这种模式？ 全额债权转股权 公告表示，为维持股权结构稳定，主要股东（即孙宏斌）能够持续为集团的保交付、债务风险化解及长 期业务恢复贡献价值，应部分初始同意债权人建议，拟通过重组向主要股东提供部分附带条件的受限股 票，以将主要股东的股权比例维持在一定水平。 具体而言，债权人每获分配的100 美元本金的新强制可转换债券中，将有约23美元的债券发行给主要股 东或其指定方。主要股东在6年内，仅获得该等受限股票的投票权等极其受限的 ...

近段时间以来，房企在债务重组及企业重整方面不断传来新消息。 4月11日早间，碧桂园在港交所公告境外债务重组进展，其已经与专案小组协定重组建议的主要条款，其占现有债券债务本金总额的29.9%，而专案小组的成员已经 签署重组支持协议。公司也接近完成与协调委员会若干成员的协商，待协商完成后，该等成员将进行内部程序以取得签立重组支持协议的相关批准。签立重组支持 协议代表公司探索整体方案解决其境外债务的重大里程碑。 建议重组的范围包括现有债务的范畴，整体未偿还本金总额约为140.74亿美元，连同与该未偿还本金相关的所有应计未支付利息（包括违约利息）。建议重组将涉 及（其中包括）注销现有债务，而作为回报，债权人取得在五个计划对价选项中作出选择的权利。 此外，现有银团贷款的持有人将有权按比例分占担保补偿金额1.78亿美元，当中一部分将于重组生效日期以现金支付，余额将于重组生效日期后以贷款形式分期支 付。另外，公司建议设立新管理层激励计划。据此，公司普通股的5%可按悉数摊薄基准（包括悉数转换强制性可转换债券、SCA认股权证及股东认股权证）授予管 理层团队，以激励管理层实现其商业计划。 而在4月7日，碧桂园旗下至少8只境内债券 ...

多家房企陆续公布年报。 对于债务重组的进程，据了解，碧桂园债务重组工作也在有序推进。碧桂园积极主动与各利益相关方沟通，探讨包括境外债务的整体重组、债务期限的合理延长以 及融资成本的适度降低等多种主动债务管理举措。目前，公司正在与债权人进行重组方案细节的磋商，并争取相关债权人的支持。 此前，碧桂园已于1月9日公告宣布了其境外重组提案的关键条款，标志着公司境外债务重组取得重要进展。知情人士称，完成境外重组后，该部分债务将进入新的 协议安排，可视为化解了针对控股公司境外债务的违约风险。此外，待完成境外债务重组，公司有望确认数百亿大额重组收益，净资产将逐步大幅增加。 2025年以来，房企在债务重组及企业重整方面不断有新消息传来，包括碧桂园、融创、龙光、远洋等房企均有所进展。克而瑞地产研究则指出，近期一系列的政策 利好，让房企和债权人看到了行业的更多希望，有利于推动房企债务重组和行业健康稳定发展。广东省住房政策研究中心首席研究员李宇嘉认为，一线城市楼市已 经趋稳，三四线城市跌幅在明显收窄，市场底部越来越清晰，这时候对于债务人来说，选择与企业共渡难关、等待市场和企业价值的修复或许是最优的选择。 碧桂园亏损大幅收窄 3月3 ...

Core Viewpoint - The article discusses the recent developments in debt restructuring and self-rescue efforts by real estate companies in China, particularly focusing on China Aoyuan Group's progress in its overseas debt restructuring plan, which has been extended by six months [1][2]. Group 1: Debt Restructuring Developments - China Aoyuan Group announced an extension of its overseas debt restructuring holding period to September 22, 2025, which is 18 months after the restructuring effective date [2]. - The company had previously extended the holding period to March 20, 2025, indicating ongoing challenges in the debt restructuring process since its initial announcement of overseas debt default in January 2022 [2]. - Analysts suggest that the market's expectations have lowered, which is crucial for facilitating debt restructuring among real estate companies [3]. Group 2: Industry Debt Situation - According to CRIC data, the scale of bond maturities for real estate companies in 2024 is projected to be 482.8 billion yuan, while the issuance scale is only 215.8 billion yuan [3]. - The debt maturity scale for 2025 is expected to exceed that of 2024, reaching 525.7 billion yuan [3]. - The acceleration of debt resolution efforts by multiple real estate companies is attributed to changing mindsets among creditors and supportive policies that provide hope for debt resolution [3]. Group 3: Asset Management and Recovery - Some real estate companies are actively revitalizing their quality assets; for instance, Sunac received 550 million yuan in trust financing to support the Tianjin Meijiang No. 1 Phase II project [3]. - Sunac has also secured financing support from major asset management companies, indicating a trend of financial backing for struggling projects [3]. - Successful debt restructuring is viewed as just the first step, with companies needing to improve their operational fundamentals to fully recover from the debt crisis [4].