Core Viewpoint - Sun Hongbin, the chairman of Sunac China, has publicly appeared for the first time in two years, expressing optimism about the company's debt restructuring progress and future development direction, claiming that the most difficult times are over for Sunac [2][15]. Debt Restructuring Progress - Sunac has achieved significant progress in debt restructuring, with 75% of the holders of its offshore debt agreeing to a restructuring support agreement, potentially allowing for the clearance of 68 billion RMB in debt [3][7]. - The total scale of Sunac's offshore debt is approximately 9.55 billion USD, equivalent to 680 billion RMB [7]. - The restructuring plan involves converting debt into equity, effectively turning creditors into shareholders, which could lead to a substantial reduction in debt [8]. - The restructuring process has been relatively smooth, with the agreement from 75% of creditors reached within two months [9]. Financial Strategy and Control - To prevent excessive dilution of equity post-debt-to-equity conversion, Sun Hongbin proposed a "stable equity structure" plan, ensuring that a portion of the newly issued shares will be allocated to him, with restrictions on their transfer for six years [10][11]. - Since April, Sunac has secured approximately 4.1 billion RMB in loan extensions from other lenders [12]. Sales and Project Management - Sunac's land reserves are concentrated in first- and second-tier cities, with some projects performing strongly, such as the Shanghai One Number Courtyard, which sold over 17 billion RMB in the first half of the year [16]. - The company has initiated a project-by-project approach to debt restructuring and asset revitalization, with significant sales figures reported for various projects [18][19]. Future Development Plans - Sun Hongbin indicated a shift in strategy, focusing on fewer cities and improving product quality, with a remaining land reserve of 1.27 million square meters as of the end of last year [25]. - The company expects to deliver 60,000 units this year, significantly lower than the previous year, and has received substantial financing support from the government [26]. - To stabilize the team, Sunac plans to issue new shares to core employees as part of a compensation strategy [27]. New Business Initiatives - A new capital platform named "Now Capital" has been established to explore opportunities in the distressed asset market, indicating a strategic pivot towards asset revitalization [30][31].

2025.07. 01 本文字数：959，阅读时长大约2分钟 作者 | 第一财经 孙梦凡 据该集团6月30日所发公告，因2024年的财务报表核数师未发表意见，集团为了改善该事宜，实施了一 系列行动计划，其中便包括推进债务重组。 在总规模154亿元的境内债重组方面，融创推出了"一揽子"方案，包括现金要约收购、股票及/或股票经 济收益权兑付、以资抵债；未选择这三个选项的债券，将延期5至9.5年，并将应付及未来利息的年利率下 调至1%。 年初，该方案已获得相关债权人会议批准。公告还披露，2025年4月，融创房地产已根据债券购回选项的 安排，以约8亿元购回约40亿元的境内债券；目前，正就股票及/或股票经济收益权兑付，推进相关工 作。 在总规模约95.5亿美元的境外债务重组上，今年4月17日，融创正式推出重组支持协议，新方案拟"全额 债权转股权"，向债权人分派两种新强制可转债，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。 融创表示，截至公告日期，现有债务未偿还本金总额约75%的持有人，已加入上述重组支持协议，公司境 外债务重组有序进行，将适时公布任何进展。此外，相关计划的聆讯定于今年9月15日在香港 ...

年初，该方案已获得相关债权人会议批准。公告还披露，2025年4月，融创房地产已根据债券购回选项 的安排，以约8亿元购回约40 亿元的境内债券；目前，正就股票及/或股票经济收益权兑付，推进相关 工作。 在总规模约95.5亿美元的境外债务重组上，今年4 月17 日，融创正式推出重组支持协议，新方案拟"全 额债权转股权"，向债权人分派两种新强制可转债，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。 融创表示，截至公告日期，现有债务未偿还本金总额约75%的持有人，已加入上述重组支持协议，公司 境外债务重组有序进行，将适时公布任何进展。此外，相关计划的聆讯定于今年9 月15 日在香港召开。 尽管面临挑战，融创对未来发展持乐观态度。 债务重组走在业内前头的融创中国，披露了近期进展。 据该集团6月30日所发公告，因2024年的财务报表核数师未发表意见，集团为了改善该事宜，实施了一 系列行动计划，其中便包括推进债务重组。 在总规模154亿元的境内债重组方面，融创推出了"一揽子"方案，包括现金要约收购、股票及/或股票经 济收益权兑付、以资抵债；未选择这三个选项的债券，将延期5 至9.5 年，并将应付及未来利息 ...

龙光集团披露债务重组最新进展 智通财经6月30日电，龙光集团6月30日披露有关整体债务重组的最新进展。龙光集团表示，过去数月， 公司一直致力推进整体重组方案，包括但不限于准备整体重组方案所需的法律文件、向债权人及其顾问 更新公司项目及资产的数据、准备重组部分现有债务结构以推进整体重组方案及处理银行双边债务和永 续证券。公司及其顾问正努力推进重组方案和文件的落实工作，公司将适时另行刊发公告以向所有利益 相关方提供有关境外整体重组方案的重大进展。另一方面，公司全资附属公司深圳市龙光控股有限公司 于2025年6月20日公布了其境内债券及资产支持专项计划（ABS）重组方案，通过提供全额转换特定资 产、资产抵债、现金回购、股票、全额留债等选项，为21笔境内公司债券及资产支持专项计划（ABS） 持有人提供重组选项。公司将适时另行刊发公告以向所有利益相关方提供有关境内债券及资产支持专项 计划（ABS）重组的重大进展。 ...

Group 1 - The company is continuing discussions with major creditors to negotiate restructuring terms, aiming to reach an agreement and implement the proposed restructuring by the end of 2025 [1] - The company will maintain communication with bondholders to advance a comprehensive and long-term solution for its domestic corporate bonds [1] - The company plans to actively revitalize assets to ensure business stability and sustainable operations [1]

Core Viewpoint - The company, Zhengrong Real Estate, has announced a new restructuring plan for its domestic and overseas debts, which is currently in the preliminary stage and may involve various options for debt management [1] Debt Restructuring Plan - The restructuring plan may include converting all or part of the debt into new shares of the company, with any remaining balance potentially being written off by creditors [1] - The plan may also involve extending the maturity dates for the repayment of all or part of the debt [1] - Creditors may write off all or part of the debt and/or use specific assets of the group to settle all or part of the debt [1] - The restructuring plan is subject to agreements with creditors and may require approvals from relevant authorities, courts, and company shareholders [1]

Core Viewpoint - The company has announced a new debt restructuring plan for both its domestic and overseas debts, which is currently in the preliminary stage and may involve several measures [1] Group 1: Restructuring Plan Details - The restructuring plan may include converting debts into new shares of the company, extending the maturity dates of the debts, debt write-offs by creditors, and using specific assets of the group to settle debts [1] - The plan is subject to agreements with creditors and may require approvals from relevant authorities, courts, and the company's shareholders [1] - The company intends to provide quarterly updates to shareholders regarding the progress of the restructuring plan [1]

Group 1: Housing Fund Policy in Tianjin - From July 1, 2025, the housing provident fund contribution base in Tianjin will be adjusted to the average monthly salary of employees in 2024, instead of 2023 [1] - The minimum contribution base for the 2025 housing fund is set at 2320 yuan, while the maximum is capped at 27861 yuan [1] - For new hires and transferred employees from January to June 2025, the contribution base will be based on their first month's full salary at the new company, without re-evaluation [1] Group 2: Real Estate Market in Guangzhou - In June, Guangzhou's second-hand residential transactions reached 9891 units, reflecting a month-on-month increase of 7.18% [2] - For the first half of 2025, total second-hand residential transactions in Guangzhou amounted to 56600 units, a year-on-year increase of 12.98% [2] - The total area of second-hand residential transactions in June was 996400 square meters, with an 8.03% month-on-month increase [2] Group 3: Debt Restructuring of Shimao Group - Shimao Group announced a debt restructuring plan that aims to reduce approximately 11.5 billion USD of existing offshore debt [3] - The restructuring plan was approved by the court on March 13, 2024, and is expected to be completed by August 29, 2024 [3] - The successful implementation of the plan will alleviate the overall debt burden and improve the company's financial condition [3] Group 4: Vanke's Recovery Strategy - Vanke's management emphasized the importance of leveraging policy opportunities and reform to address development challenges during the 2024 annual shareholder meeting [4] - The company reported a solid foundation for demand recovery, supported by a series of policies introduced since September last year [4] - Vanke successfully delivered over 26000 housing units from January to May 2024, with multiple projects experiencing strong sales [4] Group 5: Kaisa Group's Restructuring Update - Kaisa Group announced that the hearing for its liquidation application has been postponed to October 6, 2025, after obtaining necessary consents from creditors [5] - The deadline for the restructuring plan has been extended from June 30, 2025, to September 30, 2025, while other terms remain unchanged [5] - The high court has canceled the previously scheduled hearing for June 30, 2025, in light of the joint application from involved parties [5]

由于翻新工程的推迟（预计将于2027年完工），巴萨被迫选择了"续贷"的措施。这一操作为俱乐部争取 到了五年的缓冲期，从而有效避免了在工程尚未竣工之际就面临破产的困境，避免了可能带来的尴尬局 面。 巴萨俱乐部近日正式发布消息，成功发行了总额达到4.24亿欧元的债券，旨在对诺坎普翻新项目所累积 的部分债务进行重新安排。根据新的债务计划，原定于2028年到期的债务将延期至2033年才开始偿还， 直至2050年才能完全还清。这样的调整，无疑在短期内减轻了俱乐部的财务压力。 综上所述，巴萨俱乐部成功地将"近渴"的财务危机转变为"远忧"的长远挑战，虽然短期内能够减轻压 力，进行基础建设和引进新球员，但能否顺利实现财务回暖、真正实现复苏，仍然是一个悬念。 俱乐部未来的还债计划，主要寄希望于翻新后的诺坎普所带来的巨额收入。根据预计，翻新完成后，俱 乐部每年将新增约2.47亿欧元的收入，这部分收入将主要来自门票销售、赞助协议和VIP包厢的租赁 等。 然而，风险依旧存在。传闻称巴萨的总债务已经逼近30亿欧元，长期以来的财务压力依然显著。在未来 的25年内，变数众多，如果球场的盈利情况不如预期，或者利率上升，俱乐部将面临巨额的利息 ...

不过资本市场的反应倒是耐人寻味。 就在发债前一周，向来严肃的晨星DBRS居然给巴萨信用展望点了 赞。 可我拿着计算器的手还在抖——皇马今年发债的利率才3.7%，巴萨这5.19%终究带着点"危机溢价"的 味道。 巴萨的债务魔术：4.24亿欧元债券背后的金融博弈 那天刷到巴萨官宣时我差点呛着咖啡——4.24亿欧元债券就这么悄无声息搞定了？ 公告里轻描淡写地说 要在8月10号球员回主场前完成债务重组。 你细品这句话：球队夏训都还没结束，财务部门居然先踢进了 关键球。 当还款期限从五年拉长到十七年，我仿佛看见巴萨财务总监长舒的那口气。 2033年才开始还钱，最后拖 到2050年清零，平均成本锁定在5.19%，这数字比想象中温柔。 要知道去年同样的操作，市场还逼着巴 萨多付一倍的"风险补偿金"。 最绝的是合同里埋的彩蛋：球场没盖完不用还钱，还款分四次在不同年份下注，连还债的钞票都得指着 新诺坎普自己赚。 这相当于告诉债主："万一玩砸了，您几位先扛着。 " 朋友翻着数据突然拍桌子："他们去年就埋好伏笔了！ "原来2023年那场14.5亿欧元融资根本是场拼图游 戏：三成靠债券，剩下的找二十个金主凑私募贷，连未来二十五年转播 ...