Core Viewpoint - The restructuring of Baolong Real Estate's offshore debt marks a critical breakthrough after the failure of the initial restructuring, with the controlling Xu family striving to maintain control over Baolong Commercial amidst liquidity challenges [1][3]. Debt Restructuring Progress - On October 10, Baolong Real Estate entered into a restructuring support agreement with a creditor group holding 31% of the planned debt, indicating progress in the second round of debt restructuring [1]. - The restructuring plan involves Baolong Real Estate transferring up to 32.4% of its shares in Baolong Commercial to creditors as part of a debt-for-equity swap, which would reduce its stake from 63% to below 30.6% [2][5]. Financial Background - Baolong Real Estate has faced significant debt issues, including a default on $21.29 million in 2022 and a subsequent interest default at the end of 2023, leading to the current restructuring efforts [3]. - The restructuring framework approved by the court in 2024 was rendered ineffective in February 2025 due to a rejected extension request, resulting in a liquidation application for its subsidiary Baolong Viking involving $199 million in unpaid senior notes [3]. Restructuring Plan Details - The restructuring plan includes a "menu-style" solution with various options: cash payments up to $40 million, share transfers, issuance of up to $1.2 billion in mandatory convertible bonds, and new medium and long-term notes totaling up to $500 million [4][6]. - A cash consent fee of 0.15% has been set to encourage creditor support, with a deadline of November 28, 2025 [4]. Performance Comparison - Baolong Commercial, as a key asset, reported cash and bank balances of 4.285 billion yuan and a revenue of 1.3 billion yuan in the first half of the year, with a 52.8% increase in operating cash flow [4]. - In contrast, Baolong Real Estate's contract sales plummeted by 50% to 3.723 billion yuan, with total debt around 56.111 billion yuan and a cash shortfall exceeding 20 billion yuan [4]. Control Dynamics - Despite the share transfer, the Xu family retains control over Baolong Commercial through indirect holdings, ensuring continued influence over the company [5]. Industry Context - The restructuring reflects a broader trend in the real estate sector, where companies are moving from asset liquidation to restructuring quality assets as a means to regain creditor trust [8][9]. - As of August 2025, 20 distressed real estate firms have completed debt restructuring, with a total debt relief exceeding 1.2 trillion yuan, indicating a shift towards debt-for-equity swaps as a common strategy [9]. Future Outlook - The success of Baolong Real Estate's restructuring will depend on its ability to leverage Baolong Commercial's strong performance to restore cash flow and operational viability [8]. - The industry faces a significant debt repayment peak in 2025, with a total of 534.2 billion yuan due, highlighting the ongoing challenges for real estate firms [8].

本报记者 李贝贝 上海报道 头部房企债务重组迎来密集突破。10月13日深夜，碧桂园控股有限公司（下称"碧桂园"） （02007.HK）披露，香港法庭已同意公司于11月5日召开债权人会议，对前期已公布的重组方案进行投 票，而重组成功后公司最高降债规模可达约117亿美元（约合人民币840亿元）。 10月14日盘后，融创中国控股有限公司（下称"融创中国"）（01918.HK）发布公告，在当日举行的境 外债重组计划会议上，98.5%的债权人投出赞成票，其有望成为首家实现境外债基本"清零"的大型房 企。 近期，佳兆业、旭辉等多家出险房企也同步取得进展，房企化债潮加速推进。亿翰智库地产研究总监于 小雨向《华夏时报》记者指出，未来房企将持续聚焦流动性缓解与债务结构优化，逐步增强抗风险能 力，向稳健发展回归。 境外债重组定档表决 根据碧桂园此前披露的公告，截至2023年12月31日，其境外市场的有息负债总额（不包括应计利息）约 164亿美元；之后，2025年4月，其境外债务重组金额调减至140.74亿美元。 今年1月9日，碧桂园公布境外债务重组提案的关键条款。彼时，碧桂园指出，倘若境外债务重组提案落 实，将使集团实现大幅去杠 ...

Core Viewpoint - Sunac China Holdings Limited has received overwhelming support for its offshore debt restructuring plan, with 98.5% of creditors voting in favor, indicating strong confidence in the company's recovery [1][2]. Group 1: Debt Restructuring Details - A total of 1,492 creditors participated in the vote, with 1,469 supporting the restructuring plan, which corresponds to a debt support rate of 94.5% [1]. - The restructuring plan has surpassed the required 75% threshold for court approval, with a hearing scheduled for November 5 in the Hong Kong High Court [1]. - The successful restructuring could position Sunac as the first large real estate company to effectively clear its offshore debt [2]. Group 2: Industry Context - Since the third quarter of this year, approximately 15 real estate companies have reported progress in their debt restructuring efforts, including CIFI Group and Kaisa Group [1]. - The market has seen a shift in creditor attitudes, with many preferring restructuring over bankruptcy due to the prolonged market adjustments and the challenges of debt repayment [2]. - Recent favorable policies in the real estate sector, such as financing coordination mechanisms and relaxed conditions for public REITs, have somewhat alleviated liquidity pressures for real estate companies [2].

Core Viewpoint - Sunac China Holdings Limited has received overwhelming support for its offshore debt restructuring plan, with 98.5% of creditors voting in favor, indicating strong confidence in the company's recovery [1][2]. Group 1: Debt Restructuring Progress - A total of 1,492 creditors participated in the vote, with 1,469 supporting the restructuring plan, which corresponds to a debt amount support rate of 94.5% [1]. - The restructuring plan has surpassed the required 75% threshold for court approval, with a hearing scheduled for November 5 by the Hong Kong High Court [1]. - The successful restructuring could position Sunac as the first large real estate company to effectively clear its offshore debt, potentially influencing the industry significantly [2]. Group 2: Industry Context and Trends - Since the third quarter of this year, approximately 15 real estate companies have reported progress in their debt restructuring efforts, including CIFI Group and Kaisa Group [1]. - The market has seen a shift in creditor attitudes, with many preferring restructuring over bankruptcy due to the prolonged market adjustments and the challenges of debt repayment [2]. - Analysts note that while favorable policies have emerged to alleviate liquidity pressures for real estate companies, financing remains concentrated among leading firms, necessitating faster policy implementation and market-driven debt restructuring for distressed companies [2].

今年三季度以来，约有15家房企的债务重组、重整传出新进展，其中融创境外债重组方案因创新性突出 而备受关注。其重组方案通过全额债转股、股权结构稳定计划、团队稳定计划等安排，既能立足经营角 度帮助企业走出债务困境，又兼顾了债权人的权益和流动性诉求，为公司经营与债权人实现双赢局面提 供了可行路径。 未来，伴随重组方案最终落地，融创将成为首家境外债基本清"零"的大型房企，加速回归健康发展轨 道，其创新化债模式与高效执行力也为房企化解债务风险、实现可持续经营提供了重要范例，对行业具 有深远影响。 本报讯(记者陈潇)10月14日，融创中国控股有限公司(以下简称"融创")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%。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，高票数更显示出债权人对重组方案的充分认可，对公司经营恢复的充足信心。 鉴于本次表决结果远超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。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 ...

年三季度以来，约有15家房企的债务重组、重整传出新进展，其中融创境外债重组方案因创新性突出而 备受关注。其重组方案通过全额债转股、股权结构稳定计划、团队稳定计划等安排，既能立足经营角度 帮助企业走出债务困境，又兼顾了债权人的权益和流动性诉求，为公司经营与债权人实现双赢局面提供 了可行路径。 根据要求，本次表决结果远超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。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。这意味着，融创境 外债重组方案距离彻底完成，仅有一步之遥。 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%。 ...

就在10月13日，碧桂园还发布了9月份未经审核营运数据。数据显示，2025年9月，碧桂园共实现归属公 司股东权益的合同销售金额约25.8亿元，权益销售建筑面积约32万平方米。 从今年累计销售情况来看，据中指院监测数据，2025年1-8月，碧桂园以274.6亿元的销售额，排在全国 百强房企销售榜第19位；其今年前8个月以229.3亿元的权益销售额，排在第18位。 据碧桂园半年报数据，截至今年6月30日，碧桂园拥有3077个处于不同发展阶段的项目，其中3043个位 于中国内地，34个位于中国内地以外。今年上半年，其在中国内地权益可建建筑面积约10365万平方 米，其中77%分布于广东省以外。 来源：证券时报网 作者：李映泉 负债方面，截至今年6月末，碧桂园总负债约8854.1亿元。据亿翰智库统计，碧桂园、万科A为债务降幅 位列前10名的房企，较去年6月末的负债规模降幅均超过10%。 亿翰智库分析师指出，当前市场环境下，"活下去"成为不少出险房企首要目标。部分企业收缩投资、暂 缓拿地、甚至退出房地产，以各种方式来化解风险。 根据碧桂园公布的信息，公司通过积极响应城市房地产融资协调机制，持续推动境内项目进入白名单， ...

Performance Summary - The overall performance of the real estate market continues to bottom out, with 31% of the top 100 real estate companies showing year-on-year growth in performance [3][13] - From January to August 2025, the cumulative sales amount of the top 100 real estate companies was 20,708.8 billion, a decrease of 13.1% year-on-year, indicating a low level of sales activity [5][6] - The number of companies in the top 100 with sales growth is 31, with 23 companies experiencing growth greater than 20% [13][14] Financing Summary - In the first three quarters of 2025, financing for real estate companies decreased by 30% year-on-year, with a total financing amount of 307.2 billion [18][26] - The cost of domestic bond financing decreased to 2.57%, while the cost of offshore bond financing was significantly higher at 8.95% [27][30] - Approximately 85% of new financing in 2025 was attributed to state-owned enterprises, highlighting a disparity in financing access among different types of companies [30] Market Outlook - The market is expected to continue its bottoming trend, with local policies being optimized to support recovery, particularly in first-tier and strong second-tier cities [17][32] - The introduction of public REITs is seen as a potential solution for real estate companies to transition from heavy asset models to lighter operational models, aiding in debt repayment and liquidity [33][36] - The debt maturity pressure is expected to increase in 2025, with a peak in the third quarter, necessitating proactive debt management strategies from real estate companies [32][36]

Core Viewpoint - The debt restructuring process for distressed real estate companies in China is accelerating, with significant progress made in September 2025, indicating a new phase in risk mitigation for the industry [3][12]. Group 1: Debt Restructuring Progress - As of August 2025, 77 real estate companies have defaulted on debts, with around 60 companies announcing debt restructuring progress, and 20 companies having their restructuring plans approved [2][9]. - The total scale of debt restructuring approved for these companies exceeds 1.2 trillion yuan, reflecting a positive trend in the industry [9][11]. - Notable companies such as CIFI Holdings and Kaisa Group have made significant strides in their debt restructuring efforts, with CIFI's restructuring plan involving 100.6 billion yuan and Kaisa's plan expected to reduce debt by approximately 8.6 billion USD [4][6]. Group 2: Diverse Debt Restructuring Strategies - Debt-to-equity swaps have emerged as a preferred method for many companies, with firms like Longfor Group and Country Garden utilizing this approach [7]. - Companies are adopting varied strategies for debt restructuring, including cash buybacks, debt extensions, and asset disposals, showcasing a diversified approach to managing debt [7][11]. - The restructuring efforts are supported by financial institutions, with asset management firms actively engaging in projects to revitalize distressed assets [11] . Group 3: Market Conditions and Future Outlook - Recent policy changes, such as relaxed purchase restrictions and lower down payment ratios, are expected to stimulate buyer interest and improve the operational conditions for real estate companies [14]. - The market is entering a traditional peak season for sales, with expectations of increased activity in core cities as new projects are launched [14]. - Industry experts emphasize the need for companies to focus on core business operations and enhance operational efficiency post-restructuring to ensure sustainable growth [12].

Financing Situation - The financing situation in China's real estate sector remains pessimistic, with a significant liquidity and repayment pressure as the peak of corporate debt maturity approaches[4] - From January to August 2025, the sales area and sales revenue of new commercial housing decreased by 4.7% and 7.3% year-on-year, respectively[6] - The total financing amount for 65 typical real estate companies from January to July 2025 was 241.379 billion yuan, a year-on-year decrease of 26.6%[6] Debt Restructuring Progress - Since 2025, the pace of debt restructuring among real estate companies has accelerated, with 42 companies disclosing restructuring situations by August 4, 2025[23] - The average interest rate for domestic bonds issued by real estate companies dropped to 2.63% in the first seven months of 2025, reflecting a trend of decreasing financing costs[9] - Debt restructuring plans are increasingly incorporating debt reduction measures, with some companies offering debt reduction ratios exceeding 70%[26] Future Outlook - The debt maturity scale for real estate companies in 2025 is projected to reach 525.7 billion yuan, surpassing the 482.8 billion yuan in 2024, indicating heightened repayment pressure[20] - The expectation for creditors regarding the repayment capacity of real estate companies is likely to continue declining, leading to larger debt reductions and longer extension periods in restructuring plans[42] - The introduction of asset tokenization is seen as a new approach to alleviate debt issues, allowing illiquid assets to be transformed into tradable digital assets[31]