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].

据克而瑞统计，截至目前已完成境内或境外债务重组的房企有11家，融创是第一家完成境内、境外债务 全部重组的大型房企。 11月5日，融创中国（01918.HK）公告称，公司境外债务重组计划已于2025年11月5日获得香港高等法 院批准。于本公告日期，所有计划条件已达成，计划生效日期为2025年11月5日。 根据此次公告，融创中国约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。 在境内、境外债务全部重组成功的情况下下，融创中国整体偿债压力预计下降近600亿元。 智通财经记者 李晓青 根据计划，融创中国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。 此前融创中国披露的销售数据显示，截至2025年9月底，融创中国累计实现合同销售金额约317.6亿元， 累计合同销售面积约100.1万平方米，合同销售均价约3.17 ...

11月5日，融创约96亿美元规模的境外债重组方案获香港高等法院正式批准，至此，重组计划条件均已 达成，即将生效。当日晚间，融创官微发文表示，今年1月，公司境内公开债重组方案顺利通过，成为 业内首家完成境内公开债整体重组的房企，如今伴随境外债重组的正式获批，公司在上市公司层面的债 务风险将得到全面、彻底的化解。化债的关键进展，也将成为公司经营恢复的里程碑事件。 ...

Core Viewpoint - Sun Hongbin's commitment has been rewarded as Sunac China successfully completes its offshore debt restructuring, effectively clearing $9.55 billion in debt, marking a significant turnaround for the company after a period of financial distress [2][7]. Debt Restructuring - Sunac China has achieved substantial progress in its debt restructuring efforts, with the completion of $9.55 billion in offshore debt restructuring and $16 billion in domestic debt restructuring earlier this year [2][6]. - The restructuring plan received overwhelming support from creditors, with 98.5% of voting creditors approving the plan, far exceeding the 75% threshold required by Hong Kong law [7]. Leadership and Strategy - Sun Hongbin's personal investment and commitment to the company have been pivotal, including a $450 million interest-free loan and using personal assets to back the company's credit [3][5]. - The company has adopted a strategy focused on core cities and high-quality projects, with a notable emphasis on markets like Beijing, Shanghai, and Chongqing [8]. Financial Performance - For the first nine months of 2025, Sunac China reported a contract sales amount of approximately 31.76 billion yuan, despite a year-on-year decline of 12.87%, with an average selling price per square meter increasing to about 31,700 yuan [8]. - The Shanghai One Number project has been particularly successful, achieving sales of over 22 billion yuan in 2025 alone, indicating strong market demand for high-end properties [8]. Challenges Ahead - Despite the successful debt restructuring, Sunac China still faces significant challenges, including a high debt-to-asset ratio of 94.73% and a reported loss of approximately 12.81 billion yuan for the first half of 2025 [12]. - The company aims to deliver 60,000 units in 2025, which is only one-third of the previous year's deliveries, highlighting ongoing operational challenges [11][12].

Core Viewpoint - Sun Hongbin's efforts have paid off as Sunac China successfully completed its offshore debt restructuring, effectively clearing $9.55 billion in offshore debt, marking the end of a challenging period for the company [2]. Debt Restructuring - Sunac China has achieved substantial progress in debt restructuring, with $9.55 billion in offshore debt now effectively cleared, following a successful domestic debt restructuring earlier this year [2][11]. - The second round of restructuring involved a mandatory full debt-to-equity swap, allowing creditors to become shareholders, thus sharing risks and benefits [11][13]. - The restructuring plan received overwhelming support, with 98.5% of voting creditors approving it, significantly exceeding the 75% threshold required by Hong Kong law [13]. Leadership and Strategy - Sun Hongbin's personal commitment to the company included a $450 million interest-free loan and using personal assets to back the company's credit, demonstrating his determination to rescue Sunac China [8]. - The company is focusing on core cities and high-quality projects, with a notable sales performance in premium properties, such as the Shanghai Yihua project, which achieved significant sales figures [15][19]. - Despite the successful restructuring, Sunac China still faces challenges, including a high debt ratio of 94.73% and a significant loss of approximately $12.81 billion in the first half of 2025 [19][20]. Market Performance - In the first nine months of 2025, Sunac China reported a contract sales amount of approximately $31.76 billion, despite a year-on-year decline of 12.87% [15]. - The average selling price per square meter increased by nearly 1.14 million yuan, reaching about 31,700 yuan per square meter, indicating a positive trend in high-end property sales [15]. - The company plans to deliver 60,000 units in 2025, which is only one-third of the previous year's deliveries, highlighting the ongoing challenges in meeting market demands [20].