Core Viewpoint - Sunac China Holdings Limited has successfully gained approval for its offshore debt restructuring plan, with 98.5% of voting creditors in favor, which meets the court's requirements for approval [1][3]. Group 1: Debt Restructuring Progress - A total of 1,492 creditors participated in the vote, with 1,469 supporting the restructuring plan, representing a support rate of 94.5% in terms of debt amount [1]. - The Hong Kong High Court is scheduled to hold a hearing on November 5 to make a final ruling on the restructuring plan [1]. - If the offshore debt restructuring is successful, combined with previous domestic debt restructuring, Sunac's overall debt repayment pressure is expected to decrease by nearly 70 billion yuan, saving tens of millions in annual interest expenses [1][3]. Group 2: Previous Restructuring Efforts - Sunac completed a 16 billion yuan domestic debt extension in January 2023 and a $10 billion offshore debt restructuring in November 2023 [3]. - Due to underperformance and creditor petitions for liquidation, Sunac initiated a second round of debt restructuring, with the domestic debt restructuring completed in January this year [3]. - In March 2023, Sunac announced plans for a second offshore debt restructuring, targeting a total of approximately $9.55 billion in offshore debt [3]. Group 3: New Financial Instruments - The restructuring plan includes the issuance of two types of new mandatory convertible bonds (MCB) to creditors, with one type convertible at a price of HKD 6.80 per share and the other at HKD 3.85 per share, with a total amount not exceeding 25% of the total debt [3]. Group 4: Shareholder Stability Plan - Sunac has introduced a "shareholder structure stabilization plan," providing major shareholder Sun Hongbin with restricted shares that come with specific conditions, ensuring that the major shareholder's equity ratio remains stable and preventing excessive dilution [4].

Core Viewpoint - Baolong Real Estate is struggling with debt default and has made progress in its offshore debt restructuring by signing a support agreement with a creditor group holding approximately 31% of the planned debt [1][2]. Group 1: Restructuring Progress - On October 13, Baolong Real Estate announced a restructuring support agreement with a creditor group holding about 31% of the planned debt [2]. - The restructuring plan includes a "package" repayment scheme involving cash, equity, and bonds, with the pledge or transfer of shares in Baolong Commercial as a key asset [1][4]. - The restructuring will proceed under the "scheme of arrangement" mechanism according to Hong Kong Company Ordinance, requiring over 75% creditor approval and court sanction [4]. Group 2: Debt Repayment Options - The restructuring proposal offers creditors multiple options, including a cash payment of 12% of their claim amount, shares in Baolong Commercial at a conversion price of HKD 15 per share, and new medium to long-term notes [4][5]. - The cash payment will be funded by USD 40 million raised from pledging or selling Baolong Commercial shares, with proportional distribution in case of oversubscription [4]. - A cash consent fee mechanism is also in place, rewarding creditors who support the restructuring with 0.15% of the principal amount of eligible debt [6]. Group 3: Financial Status and Challenges - Baolong Real Estate's financial situation is precarious, with total revenue of approximately CNY 13.251 billion in the first half of the year, a year-on-year decline of 15.3%, and a loss attributable to shareholders of about CNY 2.652 billion [11]. - As of June 30, 2025, the company had total borrowings of approximately CNY 56.111 billion, with CNY 27.598 billion classified as current liabilities, and a net debt ratio of 104.1% [11]. - Baolong Commercial, a key asset in the restructuring, has a stable financial position with cash and bank balances of approximately CNY 4.285 billion and no interest-bearing debt [9]. Group 4: Historical Context and Future Outlook - The restructuring journey has been tumultuous, with previous plans failing due to unmet conditions, leading to a renewed effort to address overall debt issues [10][16]. - The restructuring plan is expected to be completed by September 30, 2026, pending regulatory approvals and court recognition [7]. - The outcome of the restructuring will depend on securing support from over 75% of creditors and the resolution of ongoing liquidation hearings related to Baolong Viking, a subsidiary holding 63% of Baolong Commercial [12][14][16].

Core Viewpoint - Sunac China has received overwhelming support for its offshore debt restructuring plan, with 98.5% of creditors voting in favor, which corresponds to a debt amount support rate of 94.5% [3][4]. Group 1: Debt Restructuring Details - A total of 1,492 creditors participated in the vote, with 1,469 approving the restructuring plan [3]. - The restructuring plan involves a total offshore debt of approximately $9.55 billion, with a "full debt-to-equity swap" strategy covering various types of debts [3][4]. - The plan includes the issuance of two series of new Mandatory Convertible Bonds (MCB) to creditors, with conversion prices set at HKD 6.80 and HKD 3.85 per share [4]. Group 2: Shareholder Involvement - To maintain stable equity structure, the main shareholder, Sun Hongbin, will receive restricted shares to keep his ownership percentage at a certain level [4]. - For every $100 principal of new MCB allocated to creditors, approximately $23 will be issued to the main shareholder or designated parties, with limited rights for six years [4]. Group 3: Financial Impact - Successful completion of the offshore debt restructuring, along with previous domestic debt restructuring, is expected to reduce Sunac's overall debt pressure by nearly 70 billion yuan, saving tens of millions in annual interest expenses [4]. - As of mid-2025, Sunac's interest-bearing liabilities stand at 254.82 billion yuan, with litigation amounts around 166.38 billion yuan [5]. Group 4: Industry Context - Currently, three real estate companies, including Sunac, have achieved or are close to successful debt restructuring, while eight others, including Shimao Group and Kaisa Group, have successfully restructured their offshore debts [4].

融创距离方案彻底通关仅"一步之遥"。 10月14日，融创中国发布公告称，在当日举行的境外债重组计划会议中，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%。 至此，融创境外债重组方案已得到大多数计划债权人批准、超过75%的金额门槛。后续，香港高等法院 将于11月5日举行聆讯，对其重组方案作出最终裁决。这意味着，融创距离重组方案彻底通关仅"一步之 遥"。 今年4月17日，融创中国针对总规模约95.5亿美元的境外债务，正式推出"全额债权转股权"方案，覆盖 公开市场债券、私募贷款等类型，同时设计了"股权结构稳定计划"，以应对管理层持股被稀释的问题。 具体来看，融创中国计划向债权人分派两个系列的新强制可转换债券（新MCB），作为注销现有债 务、解除与现有债务相关债权的对价。 其中，一类将获分配转股价6.80港元/股的新MCB，可在重组生效日起转股；另一类将获分配转股价3.85 港元/股的新MCB，可在重组后18～30个月内转股。 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，方案拟向主 ...

公告明确，香港高等法院将于11月5日举行聆讯，对其重组方案作出最终裁决。 至此，融创境外债重组方案已赢得所需大多数计划债权人批准。 融创表示，鉴于本次表决结果超过75%金额门槛，已满足法院批准的核心要求，方案随之将迎来法院批准流程。 距离方案获批只有一步之遥。 10月14日，融创中国控股有限公司发布公告，在当日举行的境外债重组计划会议中，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%。 同时，融创还推出"股权结构稳定计划"，向主要股东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。 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。 今年3月，融创宣布 ...

Core Viewpoint - The company has decided to terminate the planned major asset sale and debt restructuring due to the inability to reach consensus on key terms with involved parties after extensive discussions and negotiations [1] Group 1 - In November 2022, the company signed a cooperation framework agreement with Lianyungang Fenghanyigang Property Management Co., Ltd. [1] - In April 2023, the company entered into a share transfer framework agreement with Fenghanyigang, aiming to collaborate on asset and debt restructuring [1] - The company actively organized efforts to advance the major asset sale and debt restructuring but faced challenges in reaching agreement on core terms [1] Group 2 - The company's Chongqing Huangting Plaza and Jingguo National Business Shopping Center (Shenzhen Huangting Plaza) were judicially ruled to be used for debt repayment [1] - After careful consideration and friendly negotiations with all parties, a mutual agreement was reached to terminate the planned major asset sale and debt restructuring [1]

Core Viewpoint - The company announced the termination of major asset sale and debt restructuring plans due to failure to reach consensus on key terms, which will significantly impact its operations and financial status [1] Group 1: Asset Sale and Debt Restructuring - The company and involved parties could not agree on the core terms of the major asset sale and debt restructuring [1] - The termination of these plans will not affect the company's financial status for the current year [1] - The company has committed to not planning any major asset restructuring within one month from the announcement date [1] Group 2: Impact on Assets and Operations - The judicial ruling for Chongqing Royal Plaza and Shenzhen Royal Plaza to be used for debt repayment means the company will lose ownership of major assets [1] - The loss of these assets will have a significant impact on the company's assets, liabilities, and daily operations [1] - There is a potential risk of triggering financial delisting warnings in the future due to these developments [1]

为妥善解决回购款支付问题，公司与江安县人民政府经友好协商，拟签订补充协议，对剩余款项的支付 安排、融资成本分担及违约责任等事项进行重新约定。根据补充协议约定，江安县人民政府在2025年10 月15日前安排节余指标回购款人民币14,000万元支付给公司，剩余节余指标回购款3,652.06万元在2026 年6月底前根据后续资金安排分期分批支付完成；公司让利于江安县人民政府910万元（以年利率6.5% 的1年期资金成本计算），在剩余节余指标回购款3,652.06万元中扣除910万元，即江安县人民政府只支 付公司剩余节余指标回购款2,742.06万元。 格隆汇10月14日丨成都路桥(002628.SZ)公布，公司于2021年2月与江安县人民政府签订《江安县2020年 （第二批）四面山镇、夕佳山镇、阳春镇、怡乐镇等9个镇13个增减挂钩项目投资合作协议书》（简 称"原协议"），约定由公司负责实施城乡建设用地增减挂钩项目，节余指标由江安县人民政府按23.77 万元/亩单价回购。项目已于2023年12月取得全部指标证书，形成节余指标951.2858亩，回购总价款为 22,612.06万元。截至2025年9月底，公司累计收到回 ...

Group 1 - The core announcement from Country Garden is regarding the latest developments in its offshore debt restructuring, with a meeting scheduled for November 5, 2025, to discuss the proposed debt arrangement plan [1][2] - The maximum debt reduction target is set at $11.6 billion, with plans to extend the maturity of the debt up to 11.5 years and reduce the average borrowing cost from approximately 6% to around 2% post-restructuring [3][4] - As of December 31, 2023, Country Garden's offshore debt amounts to approximately $16.4 billion, including $10.3 billion in outstanding bond debt and $3.6 billion in syndicated loan debt [3][4] Group 2 - The controlling shareholder, Bishi Limited, has provided additional support for the restructuring, committing to subscribe for capitalized shares at a price of HKD 0.60 per share, which will offset approximately $1.14 billion in shareholder loans [5] - The issuance price of the capitalized shares represents a premium of about 36.4% compared to the closing price on April 11, 2025, and a discount of approximately 3.8% compared to the average closing price over the last five trading days prior to the commitment date [3][5] - In September 2025, Country Garden reported contract sales amounting to approximately $2.58 billion, with a total contracted sales area of about 320,000 square meters [6]

见习记者 荧墨 10月13日深夜，碧桂园（02007.HK） 发布 公告称，根据香港高等法院原讼法庭的命令，公司将于2025年11月5日召开两类计划债权人 的会议，以审议及批准其拟议的债务安排计划。 【导读】碧桂园公告境外债务重组最新进展 最高降债规模达116亿美元 根据香港特别行政区高等法院原讼法庭2025年9月12日的命令，碧桂园将于2025年11月5日下午召开两类计划债权人会议，以上会议均 定 于年利达律师事务所的办事处举行，地址为香港遮打道历山大厦11楼。 除该计划外，碧桂园同时表示，公司将透过现有港元可转换债券同意征求（定义见该计划）实施建议重组，以将现有港元可转换债券（定 义见该计划）的管辖法律变更为香港法律（「建议修订」），从而将现有港元可转换债券纳入该计划。上述会议同样将于2025年11月5日 下午召开。 同时，碧桂园在公告中强调称，继4月11日公告后，碧桂园已与必胜有限公司（公司控股股东所控制的实体）就抵销股东贷款进行建设性讨 论。2025年10月13日，必胜进一步向碧桂园签立一份不可撤回承诺（承诺契据）。 据此，必胜已不可撤回地承诺认购碧桂园将于重组生效日期或之后按每股本公司普通股（资本化 ...