(b)预计该计划的筹备、启动及完成至少需时六至九个月; (c)清盘人在动用公司有限的资源筹备及实施该计划前，须评估是否已获得足够债权人及持份者支持推 进整体债务重组。在评估整体债务重组的可行性时，清盘人将考虑(除其他因素外)签署重组支持协议书 的债权人数量及其持有的债务金额，并留意根据《公司条例》(第622章)第674条规定，该计划须在受该 计划约束的每个类别债权人的会议上，获得出席相关会议且有投票(不论是亲身或委派代表出席及投票) 的该类别债权人中占价值最少75%的过半数债权人支持，方可获法院认许并生效;以及 (d)清盘人预期，若公司的上市地位遭取消，债权人及持份者对支持整体债务重组的意愿将大幅降低， 并假若未能于复牌指引期限前完成整体债务重组，重组计划将不再可行。 华南城(01668)发布公告，公司已与若干主要债权人及持份者签订保密协议，以推进协商整体债务重组 的关键条款，相关讨论持续进行中。 为使整体债务重组取得成功，清盘人认为公司须持续维持上市地位。公司须就导致其暂停买卖的事项作 出补救、满足复牌指引及全面遵守上市规则，直至获联交所信纳，并在股份暂停买卖之日起计18个月内 恢复其股份买卖，否则联交所可 ...

智通财经APP讯，华南城(01668)发布公告，公司已与若干主要债权人及持份者签订保密协议，以推进协商整 体债务重组的关键条款，相关讨论持续进行中。 (b)预计该计划的筹备、启动及完成至少需时六至九个月; (c)清盘人在动用公司有限的资源筹备及实施该计划前，须评估是否已获得足够债权人及持份者支持推进整体 债务重组。在评估整体债务重组的可行性时，清盘人将考虑(除其他因素外)签署重组支持协议书的债权人数量 及其持有的债务金额，并留意根据《公司条例》(第622章)第674条规定，该计划须在受该计划约束的每个类别 债权人的会议上，获得出席相关会议且有投票(不论是亲身或委派代表出席及投票)的该类别债权人中占价值最 少75%的过半数债权人支持，方可获法院认许并生效;以及 (d)清盘人预期，若公司的上市地位遭取消，债权人及持份者对支持整体债务重组的意愿将大幅降低，并假若 未能于复牌指引期限前完成整体债务重组，重组计划将不再可行。 因此，公司鼓励债权人及持份者继续积极与清盘人就整体债务重组进行讨论及/或提出建议。如上述拟定的时 间表及重要工作事项所示，清盘人希望尽快收到债权人或持份者的任何意见及/或建议，欢迎阁下透过电子邮 ...

(c) 清盘人在动用公司有限的资源筹备及实施该计划前，须评估是否已获得足够债权人及持份者支持推进整体 债务重组。在评估整体债务重组的可行性时，清盘人将考虑(除其他因素外)签署重组支持协议书的债权人数量 及其持有的债务金额，并留意根据《公司条例》(第622章)第674条规定，该计划须在受该计划约束的每个类别 债权人的会议上，获得出席相关会议且有投票(不论是亲身或委派代表出席及投票)的该类别债权人中占价值最 少75%的过半数债权人支持，方可获法院认许并生效；以及 拟定的整体债务重组的时间表受多项因素影响，包括： (a) 清盘人预期须根据《公司条例》(第622章)第670条提出债务偿还安排(「该计划」)，方能实施整体债务重 组； (b) 预计该计划的筹备、启动及完成至少需时六至九个月； 格隆汇12月18日丨华南城(01668.HK)公布，公司于2025年11月10日发出公告以来，公司已与若干主要债权人及 持份者签订保密协议，以推进协商整体债务重组的关键条款，相关讨论持续进行中。 为使整体债务重组取得成功，清盘人认为公司须持续维持上市地位。如公司于2025年9月8日发出的公告所 述，公司须就导致其暂停买卖的事项作出补 ...

Financing Overview - In November, the total bond financing in the real estate sector reached 62.04 billion yuan, marking a year-on-year increase of 28.5% [1][2][7] - The financing structure included 26.22 billion yuan from credit bonds (down 1.6% year-on-year, accounting for 42.3%), 6.42 billion yuan from overseas bonds (10.3%), and 29.4 billion yuan from ABS (up 36% year-on-year, accounting for 47.4%) [2][8] - From January to November 2025, total bond financing for real estate companies was 550.28 billion yuan, a 10.5% increase year-on-year [2][8] Credit Bond Issuance - Credit bond issuance saw a slight year-on-year decline, primarily from state-owned enterprises, with major issuers including China Merchants Shekou and Poly Developments, each issuing over 3 billion yuan [3][9] - The average issuance term for credit bonds was 3.56 years, with a focus on 1-3 year and over 3-year bonds [3][9] ABS Issuance - ABS issuance totaled 29.4 billion yuan, showing significant growth, with class REITs being the largest category at 51.7% of the total [4][10] - Recent successful ABS projects include the "Huatai-Shanghai Zhongjian Plaza" and "CITIC Securities-Yuexiu Commercial" plans, which support the development of operational business models for real estate companies [4][10] Financing Costs - The average bond financing interest rate was 2.66%, a slight year-on-year decrease of 0.07 percentage points, but an increase of 0.1 percentage points from the previous month [5][11] - The average interest rate for credit bonds was 2.23%, down 0.55 percentage points year-on-year, while overseas bonds had an average rate of 2.97% [5][11] Corporate Financing Dynamics - China Merchants Shekou had the highest issuance amount at 5.04 billion yuan, while Suzhou High-tech had the lowest financing cost at 1.73% [6][12] - Key companies such as China Jinmao, China Resources, and Poly Developments reported new financing activities, while Sunac and Times China had their overseas debt restructuring plans approved [6][12]

每经AI快讯，记者从多名持有人处获悉，12月4日至15日，宝龙地产（01238.HK）旗下"H0宝龙 04"、"H19宝龙2"等6笔债券召开持有人会议，审议境内债务重组方案，截至目前，包括"H0宝龙 04""H21宝龙1"在内部分债券的重组方案获得通过。据悉，6笔债券进行重组，总规模约43.36亿元。为 争取债权人支持，发行人上海宝龙实业发展（集团）有限公司设置了一项"同意票激励"：对投出"同 意"票的持有人，将按其支持票对应的债券面值，提前兑付0.1%的现金，但此部分偿付将豁免全部利 息。 (智通财经) ...

The Paladin Energy Ltd (ASX: PDN) share price has dropped by 5% after the ASX uranium share announced a restructuring of its debt.Paladin describes itself as a globally significant independent uranium producer, with 75% ownership of the “world-class” Langer Heinrich Mine (LHM) which is located in Namibia.Debt restructuringThe uranium miner revealed that it has restructured its syndicated debt facility with its lenders, which are Nedbank Limited, Nedbank Namibia and Macquarie Group Ltd (ASX: MQG).This restru ...

Core Viewpoint - Sunac China is set to complete a comprehensive debt restructuring plan, which will eliminate approximately $9.6 billion in existing offshore debt by December 23, 2025, contingent upon meeting or waiving restructuring conditions [1][2][5]. Debt Restructuring Details - The restructuring plan has been approved by the Hong Kong High Court, allowing for a full debt-to-equity swap option, where creditors will receive two types of mandatory convertible bonds with conversion prices of HKD 6.80 and HKD 3.85 per share [5][6]. - If all debts are converted to equity, it is estimated that over 13 billion new shares will be issued, increasing the total share capital from approximately 10.6 billion shares to over 24.5 billion shares by the end of 2024 [5][6]. Financial Impact - The successful restructuring is expected to reduce the company's overall debt repayment pressure by nearly 60 billion yuan and save tens of billions in interest expenses annually [7][9]. - The company has also entered into a restructuring agreement with Jiyou for an outstanding loan of HKD 858 million, which will be partially restructured and settled through the issuance of new shares [8][9]. Market Position and Sales Performance - Sunac China is the first large real estate company to complete both domestic and offshore debt restructuring, which is expected to support the company's overall credit and long-term business recovery [9]. - For the period from January to November, the company reported a total contract sales amount of 33.89 billion yuan, a year-on-year decline of 25.3%, while the average contract sales price increased by 34.23% to approximately 28,700 yuan per square meter [9].

Core Viewpoint - Sunac China is at a critical juncture in its risk resolution process, with a significant debt restructuring plan set to take effect by December 23, 2025, which will relieve approximately $9.6 billion in existing debt [3][4]. Debt Restructuring - Sunac China announced a comprehensive restructuring of its offshore debt, which will include the issuance of mandatory convertible bonds to creditors [3][4]. - An additional debt restructuring plan involves a loan of HKD 858 million, with 35% of the principal (HKD 300.3 million) being restructured into a ten-year loan secured by land [4]. Financial Implications - The completion of the debt restructuring is expected to significantly reduce the company's debt repayment pressure and save substantial interest expenses annually, aiding in the recovery of its balance sheet and sustainable operations [4]. - Despite the progress in debt restructuring, the company still faces challenges in achieving long-term recovery, which will depend on its ability to generate cash flow and profitability through improved market sales [4]. Project Development - Sunac is accelerating the activation of key projects, with the Chongqing Bay project recently commencing construction, indicating the founder's commitment to revitalizing the company's assets [5]. - The Chongqing Bay project is a significant development with a total planned area of approximately 1 million square meters, focusing on high-end residential properties [5]. Market Outlook - The company has engaged with Longcheng Risk Asset to facilitate the revitalization of its investments, indicating a strategic approach to mitigate cross-default risks and enhance project viability [5]. - The founder expressed confidence that the most challenging period has passed, as the company prepares to shed its debt burden and reactivate its assets [5].

Core Viewpoint - The company aims to completely resolve its debt risks through comprehensive offshore debt restructuring and related transactions [1][3]. Group 1: Debt Restructuring - On December 17, the company announced that the expected effective date for its offshore debt restructuring is around December 23, 2025, which will relieve approximately $9.6 billion of existing debt [2]. - The restructuring plan includes issuing mandatory convertible bonds to plan creditors and an additional debt restructuring agreement involving a remaining debt of HKD 858 million [2]. - The restructuring will involve converting 35% of the principal amount (HKD 300.3 million) into restructured loans with a ten-year extension, secured by land owned by a subsidiary [2]. Group 2: Financial Implications - Completion of the debt restructuring is expected to significantly reduce the overall repayment pressure and save substantial interest expenses annually, aiding in the recovery of the company's balance sheet and sustainable operations [3]. - Despite the progress in debt restructuring, the company still faces challenges in achieving a full recovery, as future growth will depend on its ability to generate cash flow and profitability through market sales [3]. Group 3: Project Activation - The company is accelerating the activation of key projects, with the recent groundbreaking of the Chongqing Bay project, which is a significant collaboration between central and local governments [4]. - The project is located in a prime area of Chongqing, with a total planned construction area of approximately 1 million square meters, focusing on high-end residential development [4]. - The company has engaged a risk asset management firm to inject capital into the project, aiming to isolate cross-default risks and enhance project viability [4]. Group 4: Leadership and Market Sentiment - The company's founder, Sun Hongbin, has made public appearances, indicating a renewed focus on project development and asset activation [4][5]. - Earlier in the year, Sun expressed confidence that the most challenging times were behind the company, as it prepares to lift the burden of debt and accelerate asset revitalization [5].

" 替大股东化债。 中房报记者 梁笑梅丨北京报道 12月12日晚间，一则关于永升服务股权被出售的公告引发市场关注。 12月15日， 永升服务方面人士在接受中国房地产报记者采访时透露："认购方LMR作为财务投资者，不参与实际经营，其策略更关注永 升未来发展带来收益。"这一表态明确了新股东的角色定位，旨在稳定市场情绪。 此次股权变动源于控股股东旭辉控股为推进自身债务重组而进行的资产处置。同一天，旭辉控股方面人士对记者解释，"本次交易是当前 环境下平衡融资需求与资产价值的'最有利的安排'，所筹约2.76亿港元资金将专项用于其总额约380亿港元的境外债务重组。" 永升服务方面人士还强调，"交易完成后，公司实际控制权与大股东地位不变，且与旭辉控股的业务强关联将持续。" 历时近三个月 旭辉控股出售永升服务股权，是一场历时近三个月的资本动作。整个过程的关键起点在 9月26日。当晚，永升服务的控股股东旭辉控股 发布内幕消息公告，首次披露已与LMR基金就出售永升服务股份订立了具有法律约束力的承诺函。 这份早期公告勾勒了交易的初步轮廓：旭辉控股拟向LMR出售其持有的142,387,000股永升服务股份，出售底价定为每股不低于1. ...