撰文｜陈利 编辑｜陈梦妤 封面｜碧桂园视频截图 程光煜以总裁身份签发了碧桂园重要文件。 12月5日晚，碧桂园在港交所公告，（境外债务重组）计划已获法院认许，认许令盖章副本已于12月5日提交香港公司注册处处长登记。 公告显示："计划生效日期是实施建议重组的重要里程碑。本公司谨此再次向所有计划债权人于整个过程中提供的宝贵支持致以最深切谢意。" 12月4日，《每日经济新闻》记者（以下简称每经记者）从知情人士处获悉，在当日香港高等法院举行的聆讯上，碧桂园所有境外债务重组计划获得批 准，生效条件已全部达成。 同日，碧桂园宣布重大人事变动，总裁莫斌调任为联席主席，常务副总裁程光煜接任总裁一职，主要负责承接董事会战略部署，全面统筹集团各业务板块 工作，组织搭建并落地经营管理体系，统筹本集团日常运营管控与行政管理，确保战略部署有效达成。 而就在前一日，其旗下"H16腾越2"重组方案获债权人会议通过。至此，碧桂园境内债务重组所涉的9只债券，重组方案均已获得债权人会议通过，涉及金 额约137.7亿元。 这也意味着，在境内外重组成功的合力作用下，碧桂园整体降债规模预估将超900亿元，5年内兑付压力将极大缓解。 历时329天 1 1 ...

Group 1: Operational Performance - In the first 11 months of the year, the company achieved a total contract sales amount of 30.31 billion yuan, with November sales amounting to approximately 2.35 billion yuan and a sales area of about 300,000 square meters [1] - The company delivered 140,000 housing units in the first 11 months, with cumulative deliveries exceeding 1.8 million units since 2022 [1] - For 2024, the company is expected to deliver around 380,000 units, accounting for nearly 10% of the national total delivery of 3.38 million units [1] Group 2: Management Changes - The company announced a management reshuffle, appointing Cheng Guangyu as the new president and promoting Mo Bin to co-chairman [1] - The organizational restructuring involved merging 13 property regions into 10, aimed at enhancing operational efficiency and aligning management with business scale changes [1] Group 3: Debt Restructuring - The company's offshore debt restructuring plan, amounting to approximately 17.7 billion USD, was officially approved by the Hong Kong High Court [2] - The domestic debt restructuring, involving 9 bonds totaling about 13.77 billion yuan, has received creditor support, indicating that the restructuring has been fully approved [2] - The overall debt reduction is expected to exceed 90 billion yuan, significantly alleviating repayment pressure over the next five years, with new debt financing costs reduced to 1%-2.5% [2] Group 4: Financial Support from Major Shareholders - Since August 2023, the controlling shareholder and family have provided approximately 3 billion HKD in cash support to the company [2] - The controlling shareholder has also pledged to convert the remaining balance of 1.148 billion USD in shareholder loans into equity as part of the debt restructuring [2] - From 2021 to present, the controlling shareholder and family have provided around 10.6 billion HKD in interest-free and unsecured loans to the company [3]

12月4日晚，碧桂园集团接连发布公告，涉及重要人事调整与债务重组进展。 其中，原执行董事兼总裁莫斌调任为联席主席，继续担任执行董事；原执行董事、常务副总裁程光煜升 任集团总裁。所有委任自2025年12月4日起生效。 与此同时，碧桂园境内外债务重组方案已全部通过，涉及债务规模合计超千亿元，为企业后续发展卸下 沉重负担。 此次高层变动中，两位核心高管均在碧桂园任职超过十五年，属于内部擢升。 现年58岁的莫斌，2010年7月获委任为碧桂园总裁及执行董事，至今已管理公司超15年。莫斌同时是碧 桂园企业管治委员会、环境、社会及管治委员会、执行委员会及财务委员会成员，并兼任集团若干成员 公司董事。2023年5月莫斌获委任为腾越建筑科技集团董事长。此次调任联席主席后，他将更多地协助 董事会开展对外战略关系构建、资源整合以及跨领域协调，助力集团整体效能提升。 莫斌。 公开资料显示，新任总裁程光煜2002年毕业于清华大学土木工程专业，2007年取得清华大学土木工程专 业博士学位。当年，程光煜也作为早一批碧桂园引进的博士人才，进入碧桂园集团，并自2012年至2014 年负责了公司很多地区的房地产项目运营管理和开发。2015年，程 ...

持续突围。 作者 | 周智宇 编辑 | 张晓玲 当12月4日香港高等法院的法槌落下，中国房地产行业规模最大的债务重组案之一，终于迎来了它的破 局时刻。 当日，碧桂园规模约177亿美元的境外债务重组方案正式获批。就在前一日，其境内债务重组涉及九只 债券中的最后一只，重组方案也获债权人通过。 至此，这家曾经的行业航母，在历经329个日夜的极限博弈与艰难闯关后，终于穿越了风暴眼。 这并非仅仅属于碧桂园一家的胜利。这是民营房企头部力量在经历砸锅卖铁的自救后，向市场发出的一 声呐喊：活着，并且有尊严地活下去，这条路走通了。 以碧桂园为代表的房企也借此从流动性危机中求生，转向造血，真正轻装上阵迎接新阶段。 过去的329天，碧桂园面对的是一个极其复杂的战场。177亿美元的境外债，9笔合计137.7亿元的境内 债，背后是无数债权人迥异的利益诉求。 正如一位分析人士所言，债务重组是一场零和博弈，更是一场试炼。如果不能在可控的时间内达成共 识，企业的信心将被耗尽，经营将由此停摆。 碧桂园做到了。在这次惊险一跃中，它不仅跑赢了时间，更跑赢了信任。 这是一场极具技术含量与诚意的系统性重构。根据测算，在境内外重组成功的合力下，碧桂园整 ...

Core Viewpoint - The announcement of pre-restructuring by Huaxia Happiness has led to significant backlash from its largest shareholder and core creditor, Ping An Group, highlighting a breakdown in communication and trust between the two parties [1][2][11]. Group 1: Company Actions and Responses - Huaxia Happiness announced that creditors applied for pre-restructuring, which was accepted by the court, but did not communicate adequately with Ping An beforehand, leading to Ping An's public complaints [1][2]. - The company stated that the pre-restructuring process is a necessary opportunity to resolve its debt risks and achieve recovery, emphasizing that it is not equivalent to formal restructuring and carries uncertainties [2][3]. - Huaxia Happiness has received a court notice confirming the acceptance of its pre-restructuring and the appointment of a temporary management team for the process [4][6]. Group 2: Financial Situation and Debt Restructuring - As of the third quarter of 2025, Huaxia Happiness reported a 72% year-on-year decline in revenue and a net loss of 9.8 billion yuan, with total liabilities leading to a debt-to-asset ratio of 96% [6]. - The company has been involved in a debt restructuring plan aiming to reduce its debt by 2.192 billion yuan through various asset sales and financial maneuvers, but has only completed 1.92669 billion yuan of agreements, leaving 245.69 million yuan unresolved [5][6]. - The cash repayment expectations have not been met, with only 5% of the planned 30% cash repayment achieved by the end of 2023, exacerbating the company's financial distress [5][6]. Group 3: Conflict with Ping An Group - The relationship between Huaxia Happiness and Ping An has deteriorated, primarily due to the pre-restructuring announcement, which Ping An claims was made without their consent or adequate discussion [1][11]. - Ping An, as the largest creditor, is concerned that the restructuring will lead to significant losses as most debts will be converted to equity, which is a departure from their previous agreements [7][11]. - The conflict escalated after Huaxia Happiness proceeded with the restructuring without reaching an agreement with Ping An, leading to a complete breakdown in their previously cooperative relationship [10][11].

Core Viewpoint - The company is encouraged by the strong support from offshore debt holders for the restructuring plan, with approximately 62.35% of the total outstanding principal of offshore debt holders having joined or agreed to join the restructuring support agreement by the deadline of December 5, 2025 [1] Group 1 - The restructuring support agreement deadline has been extended from December 5, 2025, to January 9, 2026, to allow more time for bondholders to complete their internal processes and join the agreement [1] - Bondholders are required to submit formal signed joining letters and restricted note notifications before the extended deadline to qualify for the payment of restructuring advisory fees [1] - All terms and conditions of the restructuring support agreement and the irrevocable restructuring support invitation remain unchanged [1] Group 2 - The company continues to invite all bondholders to submit their formal signed joining letters and restricted note notifications before the extended deadline to ensure the restructuring can proceed effectively in the interests of both the offshore debt holders and the company as a whole [2]

来源：地产人言 昨日晚间，碧桂园连发数则公告。 其一，是久违的人事任命，据公告显示： 1、执行董事兼总裁莫斌调任为联席主席，并继续担任执行董事。 莫斌自2010年开始出任碧桂园执行董事兼总裁，在位已15年有余。 莫斌 这一次升任为联席主席后，莫斌也将负责协助董事会统筹碧桂园对外战略关系构建与资源整合，开展碧 桂园战略落地统筹，跨领域重大事项协调等工作，助力碧桂园整体经营效能提升。 2、同时，45岁的执行董事程光煜博士，也在这一次任命中从常务副总裁升任为总裁。 作为清华大学土木工程专业的博士，程光煜早在2007年就已加盟碧桂园，从2014年开始，先后负责碧桂 园整体营销管理、品牌管理、投资策划管理、产品设计管理及运营管理、法务监察等工作。早在2023年 5月时，程光煜就已被任命为碧桂园地产集团CEO，全面负责碧桂园房地产开发业务的管理工作。 程光煜 据公告披露，这一次升任为碧桂园集团总裁后，程光煜将主要负责承接董事会战略部署，全面统筹碧桂 园各业务板块工作，组织搭建并落地经营管理体系，统筹碧桂园日常运营管控与行政管理，确保战略部 署有效达成。 其二，是随着这两份人事任命公告一同出来的： 债务重组新进展。 据碧桂 ...

Core Insights - The Cheng family, with a net worth of $19.5 billion, is facing significant financial pressure due to rising debt levels and is actively seeking to restructure its finances through asset sales, including the Rosewood Hotel Group [1][2][10]. Group 1: Financial Challenges - New World Development's total debt is approximately HKD 146.1 billion, with net debt around HKD 120.1 billion as of June 30, 2025 [1][10]. - The company reported a revenue decline of 22.64% year-on-year to HKD 27.681 billion for the fiscal year 2025, with a loss attributable to shareholders of HKD 16.302 billion, an increase of 38.07% in losses [6]. - New World Development has initiated multiple debt reduction strategies, including a successful bank refinancing of HKD 88.2 billion, extending the maturity of bank loans to June 30, 2028 [7][10]. Group 2: Asset Sales and Restructuring - The Cheng family is in preliminary discussions to sell parts of the Rosewood Hotel Group to address liquidity challenges faced by New World Development [2][10]. - The Rosewood Hotel Group, which has expanded significantly under Sonia Cheng's leadership, is currently valued at HKD 15.9 billion [4][10]. - New World Development has also attempted to sell other assets, including a group of roads in China valued at $2 billion and a high-profile shopping mall near Hong Kong International Airport, estimated to be worth over HKD 10 billion [10]. Group 3: Leadership and Succession - The Cheng family has a history of diverse succession strategies, with Sonia Cheng emerging as a key figure in the family's business operations [11][19]. - Recent leadership changes indicate a shift towards a hybrid governance model, combining family members and professional managers to stabilize operations amid financial challenges [21][22]. - Sonia Cheng's recent appointment to the New World Development Nomination Committee signifies her increasing influence within the family business [19][21].

本文源自：智通财经网 消息面上，12月4日，碧桂园规模约177亿美元的境外债务重组方案，已获香港高等法院正式批准。与此 同时，该公司境内债务重组也取得重大成果。同一日，碧桂园披露，公司最后一笔境内债券的重组方案 通过了债券持有人会议审议。这意味着碧桂园涉及9笔合计规模约137.7亿元的境内债务重组方案，已全 部通过。中指研究院企业研究总监刘水表示，碧桂园境内外债务重组已基本落地，企业经营真正进入新 阶段，增强了购房者、上下游供应商及金融机构对碧桂园的信心，有助于快速恢复正常经营。 智通财经获悉，碧桂园(02007)涨近4%，截至发稿，涨3.92%，报0.53港元，成交额2228.6万港元。 ...

消息面上，12月4日，碧桂园规模约177亿美元的境外债务重组方案，已获香港高等法院正式批准。与此 同时，该公司境内债务重组也取得重大成果。同一日，碧桂园披露，公司最后一笔境内债券的重组方案 通过了债券持有人会议审议。这意味着碧桂园涉及9笔合计规模约137.7亿元的境内债务重组方案，已全 部通过。中指研究院企业研究总监刘水表示，碧桂园境内外债务重组已基本落地，企业经营真正进入新 阶段，增强了购房者、上下游供应商及金融机构对碧桂园的信心，有助于快速恢复正常经营。 碧桂园(02007)涨近4%，截至发稿，涨3.92%，报0.53港元，成交额2228.6万港元。 ...