Core Viewpoint - Sunac China Holdings Limited has successfully completed its offshore debt restructuring plan, which has been approved by the High Court, effectively clearing $9.55 billion in offshore debt [1][2] Group 1: Debt Restructuring - The offshore debt restructuring plan received approval from 1,469 creditors, with 98.5% voting in favor, representing 94.5% of the debt amount [2] - The successful restructuring is expected to reduce Sunac's overall debt pressure by nearly 60 billion yuan, leading to significant annual interest savings and a substantial repair of the balance sheet [2] - Sunac is the first large real estate company to complete both domestic and offshore debt restructuring [1] Group 2: Future Development Strategy - Following the completion of the debt restructuring, Sunac is entering a new positive development cycle, focusing on core cities and quality projects [2] - The company plans to concentrate on first and second-tier cities such as Beijing, Shanghai, Xi'an, and Chongqing, aiming to enhance product quality [2] - Sunac's high-end product line has gained market recognition, with the Shanghai One Number Courtyard achieving sales exceeding 22 billion yuan this year, becoming the first project in the country to surpass 10 billion yuan in sales by 2025 [2] - The company aims to deliver 60,000 units by 2025, ranking fourth in delivery capability among real estate companies according to CRIC [2]

值得注意的是，这一方案在6月就迈过了75%支持率门槛；10月14日，在融创举行的境外债重组计划会 议上，该方案获98.5%债权人投票赞成，对应债务金额支持率94.5%，远超香港法律要求的75%门槛。 此前2023年，融创就曾推出第一轮境外债重组，采取"化债+展期"的主体思路，引入强制可转债选项， 推出含有新票据、可转换债券、强制可转换债券、融创服务股票的方案。当时完成了一部分约百亿美元 境外债务重组。 2025年1月，融创完成了境内债重组。至此，融创境内、境外债务均完成重组，公司整体偿债压力预计 将下降近600亿元，每年可节约大量的利息支出，资产负债表迎来实质性修复。 11月5日，融创中国控股有限公司（01918.HK）发布公告称，约96亿美元的境外债务二次重组方案获香 港高等法院批准，并于当日正式生效。 根据公告，香港高等法院于2025年11月5日对该方案的呈请进行聆讯，并最终签发批准令。批准令于当 日送呈公司注册处进行登记。 至此，重组计划条件均已达成，即：获得债务金额75%以上的支持率；获得香港高等法院批准；于公司 注册处办理登记。这标志着融创正式成为首家境外债基本清零的大型房企。 融创化债可谓一波三折 ...

此前的10月14日，融创中国举行境外债重组计划会议，合计共有1492名债权人投票，其中1469名债权人 投票赞成重组计划，赞成票人数占比达98.5%，对应债务金额支持率94.5%，远超75%的门槛。 融创中国宣布，香港高等法院于2025年11月5日对该方案的呈请进行聆讯，并最终签发批准令。批准令 于当日送呈公司注册处进行登记。 按照相关要求，融创的境外债重组方案需满足三个条件方可生效，即获得债务金额75%以上的支持率； 获得香港高等法院批准；于公司注册处办理登记。 融创中国董事会宣布，于2025年11月5日，重组方案也宣告生效日期。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月5日，融创中国控股有限公司（以下简称"融创中国"）宣布，境外债务二次重组方案获得香港高等 法院批准，并从11月5日起正式生效。 随着此次境外债二次重组方案的生效，融创的境内债与境外债均完成了二次重组，共削债近600亿元人 民币。 融创是债务重组推进较快的大型房企，2023年1月就完成了160亿元境内债的展期。当年11月，融创通 过"债转股+发新票"的方式，完成百亿美元境外债务重组。但此后，由于业绩恢复 ...

Core Viewpoint - Country Garden has made significant progress in its offshore debt restructuring, with over 75% approval from creditors, and is expected to reduce its debt by approximately RMB 84 billion after the restructuring is completed [2][3][4]. Debt Restructuring Progress - The offshore debt restructuring plan was approved by creditors on November 5, with Group One (syndicated loans) receiving 83.71% approval and Group Two (USD bonds and other debts) receiving 96.03% approval [2]. - The total offshore debt involved is approximately USD 17.7 billion, equivalent to about RMB 127 billion, covering various legal jurisdictions [3]. - The restructuring plan includes a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments, aiming to reduce debt by approximately USD 11.7 billion [4]. Domestic Debt Restructuring - Country Garden has also made progress in its domestic debt restructuring, with a plan involving eight domestic bonds approved on September 29, totaling approximately RMB 13.33 billion [5]. - The domestic restructuring is expected to reduce debt principal by over 50%, with a maximum maturity of 10 years and a lowered interest rate of 1% [5]. Housing Delivery Progress - As of October 2023, Country Garden has delivered over 1.8 million homes since 2022, with 600,000 homes delivered in 2023 alone [2][6]. - Despite a decline in sales, the company is focused on ensuring housing delivery, with significant efforts to secure funding for this purpose [6][7]. - The company has initiated new project planning as it transitions from housing delivery to debt recovery and normal operations [7].

11月5日，融创中国控股有限公司（以下简称"融创中国"）宣布， 境外债务二次重组方案获得 香港高等法院批准 ，并从11月5日起正式生效。 同时，融创还推出"股权结构稳定计划"，向主要股东（即孙宏斌）提供部分附带条件的受限股 票，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权利，除非达到特定限制条 件，否则不能处置、抵押、转让受限股票。通过该计划，主要股东股权比例维持在一定水平， 避免过分稀释。 记者丨张敏 编辑丨张伟贤 随着此次境外债二次重组方案的生效，融创的境内债与境外债均完成了二次重组，共削债近 600亿元人民币。 此前的10月14日，融创中国举行境外债重组计划会议，合计共有1492名债权人投票，其中 1469名债权人投票赞成重组计划，赞成票人数占比达98.5%，对应债务金额支持率94.5%，远 超75%的门槛。 融创是债务重组推进较快的大型房企，2023年1月就完成了160亿元境内债的展期。 当年11 月，融创通过"债转股+发新票"的方式，完成百亿美元境外债务重组。但此后，由于业绩恢复 不及预期，加之遭遇债权人的清盘呈请，融创不得不进行二次债务重组。其中，境内债的二次 重组已于今年1月完成。 ...

11月5日，融创中国控股有限公司（以下简称"融创中国"）宣布，境外债务二次重组方案获得香港高等 法院批准，并从11月5日起正式生效。 融创中国宣布，香港高等法院于2025年11月5日对该方案的呈请进行聆讯，并最终签发批准令。批准令 于当日送呈公司注册处进行登记。 按照相关要求，融创的境外债重组方案需满足三个条件方可生效，即获得债务金额75%以上的支持率； 获得香港高等法院批准；于公司注册处办理登记。 （原标题：融创完成境内债、境外债二次重组 削债近600亿元） 21世纪经济报道记者 张敏 融创是债务重组推进较快的大型房企，2023年1月就完成了160亿元境内债的展期。当年11月，融创通 过"债转股+发新票"的方式，完成百亿美元境外债务重组。但此后，由于业绩恢复不及预期，加之遭遇 债权人的清盘呈请，融创不得不进行二次债务重组。其中，境内债的二次重组已于今年1月完成。 此前的10月14日，融创中国举行境外债重组计划会议，合计共有1492名债权人投票，其中1469名债权人 投票赞成重组计划，赞成票人数占比达98.5%，对应债务金额支持率94.5%，远超75%的门槛。 同时，融创还推出"股权结构稳定计划"，向主要股东 ...

Core Viewpoint - Sunac China Holdings Limited has successfully completed its offshore debt restructuring plan, which has been approved by the High Court, effectively clearing $9.55 billion in offshore debt [2][3]. Group 1: Debt Restructuring - The offshore debt restructuring plan received approval from 1,469 creditors, with a support rate of 98.5% in terms of the number of votes and 94.5% in terms of the debt amount [3]. - The restructuring covers a total scale of approximately $9.55 billion in offshore debt, including public market bonds and private loans, aimed at completely resolving the company's debt risks [2][4]. Group 2: Financial Impact - As a result of the successful debt restructuring, Sunac's overall debt repayment pressure is expected to decrease by nearly 60 billion yuan, leading to significant annual interest savings and a substantial repair of the balance sheet [4]. - The completion of both domestic and offshore debt restructuring allows Sunac to enter a new positive development cycle [4]. Group 3: Future Development Strategy - Sunac plans to focus on core cities such as Beijing, Shanghai, Xi'an, and Chongqing, aiming to enhance product quality [4]. - The company's high-end product line has gained market recognition, with the Shanghai One Number Courtyard achieving sales of over 22 billion yuan this year, becoming the first project in the country to exceed 10 billion yuan in sales by 2025 [4]. - Sunac aims to deliver 60,000 units by 2025, ranking fourth in the delivery capacity among real estate companies according to a report by CRIC [4].

11月5日,融创中国控股有限公司发布公告，约96亿美元的境外债务重组获香港高等法院批准。至此， 重组计划条件均已达成，这标志着融创正式成为首家境外债基本清"零"的大型房企。 责编：叶舒筠 校对： 赵燕 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 早在2023年，融创率先完成第一轮境外债重组，采取"化债+展期"的主体思路，创新引入强制可转债选项，推 出含有新票据、可转换债券、强制可转换债券、融创服务股票的可选"菜单"，受到债权人支持。而在进行本轮 境外债务重组时，融创以创新方案实现多方互利共赢，力求全面、彻底化解债务风险。 根据计划，融创推出全额债转股选项，将向债权人分派两种新的强制可转换债：一类转股价为6.80港元/股， 可在重组生效日起6个月内转股；另一类转股价为3.85港元/股，可在重组后18至30个月内转股。重组方案还创 新引入了股权结构稳定计划、团队稳定计划等安排，确保公司股权结构与骨干团队的稳定，巩固各方信心的同 时，齐心协力为公司创造长期价值。 随着境内外债务重组成功，融创中国也再次赢得了喘息时间。在境内、境外债务重 ...

Group 1 - The core viewpoint of the articles is that real estate companies are accelerating debt restructuring efforts, with a total debt reduction scale of approximately 1.2 trillion yuan, significantly alleviating short-term repayment pressures [1][3] - The debt restructuring plans are shifting from merely extending repayment periods to directly reducing debt amounts, providing companies with a chance for "rebirth" [3][4] - Major companies like Country Garden, Sunac, and CIFI are actively engaging in overseas debt restructuring, with some already receiving creditor approvals for their plans [2][5] Group 2 - Sunac China announced that 98.5% of participating creditors approved its overseas debt restructuring plan, which involves converting most debts into equity [6][7] - The debt reduction ratios for many companies exceed 50%, with some reaching up to 70%, significantly lowering their actual debt burdens [8] - Companies that have successfully restructured their debts are now resuming investments, indicating a recovery in market confidence and a potential return to land acquisition [9][10] Group 3 - After completing debt restructuring, many companies are focusing on light asset businesses such as property management and asset management, which require less capital investment [10] - The industry is expected to shift from incremental development to stock operation, with significant opportunities in property and asset management sectors [10]

Core Viewpoint - Sunac China has successfully completed its offshore debt restructuring, becoming the first large real estate company to achieve a "zero" balance on offshore debt, with a total of approximately $9.6 billion involved in the restructuring process [1][2]. Group 1: Debt Restructuring Process - The restructuring process has faced several challenges since its initiation in 2023, with the first round involving a "debt reduction + extension" strategy that included new notes, convertible bonds, and shares of Sunac Services [1]. - The second restructuring plan introduced a full "debt-to-equity" conversion, offering creditors two types of new mandatory convertible bonds with conversion prices set at HKD 6.80 and HKD 3.85 per share [1]. - The restructuring received overwhelming support from creditors, with 98.5% voting in favor, marking a significant milestone in the process [2]. Group 2: Industry Context and Comparisons - Sunac's approach to debt restructuring is considered one of the most thorough among 21 distressed real estate companies, with a total debt restructuring scale of approximately RMB 1.2 trillion [3]. - The debt reduction achieved by Sunac in its offshore debt restructuring is complete, while the domestic debt restructuring has seen a reduction rate exceeding 50% [3]. - Other companies in the industry, such as Longfor and CIFI, have also achieved significant debt reduction rates ranging from 40% to 70% in their offshore debt restructurings [3]. Group 3: Future Focus and Business Strategy - Post-restructuring, real estate companies, including Sunac, are expected to focus on ensuring project delivery and pursuing development opportunities [4]. - Sunac is currently engaged in a "delivery battle," aiming to complete the delivery of over 50,000 projects by year-end, with significant sales achievements reported [4]. - The company is also expanding its light-asset business, focusing on construction management, property management, and asset management, which require less capital and help restore cash flow [4].