区别于此前行业大多数房企普遍采用的境内债展期策略，融创在境内债的化解上，首次拿出了整体重组 的创新方案，提供了现金要约收购、股票经济收益权兑付、以资抵债、留债展期四大"菜单式"选项，受 到债权人欢迎。目前重组方案已进入落地执行阶段，预计将为融创削减近70%的境内公开债。 融创的境外债重组方案，则采用的是全额债权转股权方式，彻底解决境外债风险，还未占用境内任何资 金和资源，同步解决了股权结构和团队稳定问题，实现多方共赢。自重组方案公布，到顺利争取到超 75%债权人支持，仅用时两个月的时间。 2025年是房地产的关键年，一方面，从中央到地方频频释放稳楼市的积极信号，行业"止跌回稳"态势日 渐清晰；另一方面，7月70城新房房价仅6城上涨，市场仍然处在深度筑底期，信心修复需要时间，企业 经营面临重要考验。 同在逆境之中，那些走在自救和恢复前列、率先破局的房企，无疑更值得关注和期许。他们展现出不躺 平、积极努力的韧性，往往也积蓄着更充沛的回暖力量，更有机会在行业恢复后率先走出困境，成为行 业可借鉴的鲜活样板。 融创就是这样的一个典型房企，在上半年贡献出多个行业标志性事件：第一个实现境内债整体重组并落 地执行；境外债重组 ...

2025.08.27 本 文字数：1762，阅读时长大约3分钟 "在支持性政策持续出台的大环境下，核心城市、核心地段将逐步企稳，但房地产市场的整体恢复，可 能还需要一个过程和较长时间。"在最新披露的中报里，融创中国（01918.HK）董事局主席孙宏斌表 示。 上半年，融创中国实现收入约199.9 亿元，同比减少41.7%； 公司拥有人应占亏损约128.1亿元，亏损同 比减少14.4%；近四年中报期，该集团中期亏损分别为-187.60亿元、-153.67亿元、-149.57亿元、-128.1 亿元。 融创的业绩依然让市场担忧，中报披露后，融创中国股价在27日下跌，截至收盘报1.51港元，跌幅 5.63%。 物业销售收入下滑五成 上半年，融创中国的主要收入来源，主要是销售住宅及商业物业、文旅城建设及运营、物业管理及其他 业务。其中，"主力军"物业销售收入约140亿元，同比下降50.1%，文旅板块和物业管理收入分别为21.7 亿元、34.7亿元。 针对收入大幅下降，公司解释称：近年来房地产市场大幅收缩，房企债务问题导致购房者对期房信心不 足，进一步加剧了新房销售困难。集团现处于集中资源解决保交付和债务问题的阶段，也 ...

房企"化债"代表披露中期业绩。 "在支持性政策持续出台的大环境下，核心城市、核心地段将逐步企稳，但房地产市场的整体恢复，可 能还需要一个过程和较长时间。"在最新披露的中报里，融创中国（01918.HK）董事局主席孙宏斌表 示。 上半年，融创中国实现收入约199.9 亿元，同比减少41.7%； 公司拥有人应占亏损约128.1亿元，亏损同 比减少14.4%；近四年中报期，该集团中期亏损分别为-187.60亿元、-153.67亿元、-149.57亿元、-128.1 亿元。 融创的业绩依然让市场担忧，中报披露后，融创中国股价在27日下跌，截至收盘报1.51港元，跌幅 5.63%。 物业销售收入下滑五成 上半年，融创中国的主要收入来源，主要是销售住宅及商业物业、文旅城建设及运营、物业管理及其他 业务。其中，"主力军"物业销售收入约140亿元，同比下降50.1%，文旅板块和物业管理收入分别为21.7 亿元、34.7亿元。 针对收入大幅下降，公司解释称：近年来房地产市场大幅收缩，房企债务问题导致购房者对期房信心不 足，进一步加剧了新房销售困难。集团现处于集中资源解决保交付和债务问题的阶段，也制约了项目推 售节奏。 数据显示 ...

而在境外债上，2023年11月，为化解90.48亿美元的债务，融创中国给出"债转股+发行新票据"的方式， 以时间换空间。今年，面对新一轮债务清算，融创中国于8月下旬公布了境外债重组的实施细则，转而 采用全额债权转股权方式。 8月26日，融创中国（01918.HK）发布中期业绩公告。报告期内，该公司拥有人应占亏损约128.1亿元， 较去年同期减少约14.4%。 《中国经营报》记者了解到，上半年，融创中国在化债、交付、项目盘活销售等领域均有突破。截至今 年6月底，公司有息负债已降至2548.2亿元，较去年同期下降226.1亿元，资本结构保持稳定。 有息负债减少 据了解，自出险之后，融创中国已采取多项举措"自救"，工作重心也转向化债和全力保交付、保基本运 营。 据不完全统计，已有60家出险房企公布了债务重组和破产重整的进展，解决债务问题成为企业"走出 来"最重要的任务之一。 在化债方面，2024年，融创中国完成总规模154亿元的境内债重组，也是行业首家完成境内公司债整体 重组的房企，其提供了现金要约收购、股票经济收益权兑付、以资抵债、留债展期四大选项。目前，该 重组方案已进入落地执行阶段，预计将为融创削减近70%的 ...

本报讯 （记者陈潇）2025年是房地产的关键年，一方面，从中央到地方频频释放稳楼市的积极信号， 行业"止跌回稳"态势日渐清晰；另一方面，7月份70城新房房价仅6城上涨，市场仍然处在深度筑底期， 信心修复需要时间，企业经营面临重要考验。 行业承压，走在自救和恢复前列的房企，更有机会在行业恢复后率先走出困境。8月26日，融创中国控 股有限公司（以下简称"融创"）公布2025年中期业绩，也显现出稳健扎实基本盘：公司上半年收入 199.9亿元，净资产448.8亿元，总土储面积约1.24亿平方米；归母净亏损128.1亿元，较去年同期减少约 14.4%；有息负债2548.2亿元，较去年同期下降226.1亿元，资本结构保持稳定。 融创在化债、保交付、恢复经营层面均取得突破性成果，为行业注入了宝贵信心。下半年开始，随着融 创公开债务重组全面完成、更多优质资产加速盘活，保交付基本收官，品牌公信力和市场口碑同步修 复，公司也将加速从困难中走出来。 境内外公开债务风险化解 今年，行业风险出清日益加速，据不完全统计，已有60家出险房企公布了债务重组和破产重整的进展， 解决债务问题成为企业走出来最重要的任务之一。 区别于此前行业大多数 ...

融创的境外债重组方案，则采用的是全额债权转股权方式，彻底解决境外债风险，还未占用境内任何资 金和资源，同步解决了股权结构和团队稳定问题，实现多方共赢。自重组方案公布，到顺利争取到超 75%债权人支持，仅用时两个月的时间。 业绩报告还显示，融创上半年在全国为1.49万户家庭交付品质新居，近三年多累计交付量达68.3万套。 据悉，2025年是融创保交付的关键年头，融创计划冲刺超5万套交付，在年底基本完成保交付工作。 值得注意的是，融创物管、文旅业务板块也依托稳健运营，上半年合计收入超56亿元，占比提升至 28.3%，为公司持续贡献稳定现金流。其中，融创服务上半年收入35.5亿元，归母净利润1.2亿元，实现 扭亏为盈。可用资金充沛为30.4亿元，在管规模达2.9亿平方米。 8月26日，融创公布的2025年中期业绩显示，公司上半年收入199.9亿元，净资产448.8亿元，总土储面积 约1.24亿平方米；归母净亏损128.1亿元，较去年同期减少约14.4%；有息负债2548.2亿元，较去年同期 下降226.1亿元。 今年，房地产行业风险出清日益加速。据不完全统计，已有60家出险房企公布了债务重组和破产重整的 进展，解决 ...

Group 1 - The core viewpoint of the articles highlights Sunac China’s financial performance and strategic plans for debt restructuring and project delivery [1][2] - In the first half of 2025, Sunac China reported revenue of 19.99 billion yuan and a net asset of 44.88 billion yuan, with a total land reserve area of approximately 124 million square meters [1] - The company achieved a net loss attributable to shareholders of 12.81 billion yuan, a reduction of about 14.4% compared to the same period last year [1] - Sunac China’s interest-bearing debt decreased by 22.61 billion yuan year-on-year, totaling 254.82 billion yuan [1] Group 2 - The company plans to deliver over 50,000 units by the end of 2025, with 14,900 homes delivered in the first half of the year [2] - The projects to be delivered from 2026 onwards are primarily new homes sold after 2022, ensuring quality delivery through strict management of pre-sale funds [2] - The total land reserve area, including joint ventures, is approximately 124 million square meters, with 86.24 million square meters of equity land reserves concentrated in core first- and second-tier cities [2] - Upcoming product launches include projects in Shanghai, Tianjin, and Wuhan, which are expected to support the company's return to a positive development cycle [2]

Core Viewpoint - The delivery of residential properties remains a crucial task for the real estate market in 2025, with a notable decline in delivery volumes compared to the previous year, indicating a shift in focus for companies from "guaranteeing delivery" to seeking development opportunities [1][9]. Delivery Performance - In the first half of 2025, 55 real estate companies delivered over 500,000 units, with 15 companies delivering more than 10,000 units each [1]. - Major companies like Greenland Group, Sunac China, and Jianye Group saw delivery declines exceeding 50% compared to the same period last year [1]. - The top three companies in terms of delivery volume were Country Garden (75,000 units), Poly Developments (65,000 units), and China Overseas Property (42,155 units), with the top ten companies accounting for 56.46% of total deliveries [2][1]. Industry Trends - The pressure to ensure delivery is easing as the peak delivery period has passed, allowing companies to shift their focus towards development and operational strategies [1][9]. - Companies like Country Garden and Sunac China are actively working on completing their delivery commitments while also restructuring their financing to align with current market conditions [3][4]. Innovations in Delivery - Some companies have begun implementing innovative delivery methods, such as "delivery and certificate issuance" on-site, enhancing customer experience and operational efficiency [10]. - The focus on improving delivery quality includes better communication with homeowners and offering personalized services during the delivery process [10]. Strategic Shifts - The industry is witnessing a strategic shift where companies are prioritizing product quality, operational efficiency, and asset management over mere scale [11][12]. - Companies are categorizing their strategies into three main types: product-focused, light-asset models, and asset operation, reflecting a more nuanced approach to market challenges [11].

Core Viewpoint - The real estate industry in China is transitioning from a "guarantee delivery" phase to a new stage of development, with delivery pressures easing as the peak delivery period has passed [1][2]. Group 1: Delivery Performance - In the first half of 2025, 55 real estate companies delivered over 500,000 units, showing a significant decline compared to the same period last year [1]. - The top five companies accounted for approximately 230,000 units delivered, with Poly Developments leading at 65,000 units, followed by Vanke with 45,000 units, and China Overseas Land & Investment with 42,100 units [1]. - Overall, one company delivered over 50,000 units, and 15 companies delivered over 10,000 units, indicating a general decline in delivery numbers compared to the previous year [2]. Group 2: Strategic Shifts - Many companies are now focusing on completing their delivery obligations, with some like Sunac China aiming to deliver over 50,000 units by the end of 2025, having already delivered over 668,000 units from 2022 to 2024 [2]. - Country Garden has also committed to a tailored approach for remaining construction projects, actively communicating with stakeholders to align with current market conditions and financial situations [2]. - Companies that successfully complete their delivery obligations are expected to regain sustainable operational development, rebuild credit, restore financing capabilities, and enhance market share [2].

Core Insights - The article emphasizes the significant impact of policy direction on the real estate market, highlighting "guaranteeing delivery" as a key factor in stabilizing market confidence and the "good housing" concept leading product upgrades [1][2][5] Policy and Market Environment - The real estate market has seen continuous improvement in its policy framework, with a focus on "housing for living, not speculation" and policies aimed at "guaranteeing delivery and stabilizing livelihoods" [2] - Financing policies have also been optimized, benefiting companies like Shoukai Co., which has a strong operational capability and market reputation [2] Financial Performance - In July 2025, Shoukai Co. successfully issued medium-term notes and corporate bonds, with a total issuance of 10 billion yuan at interest rates of 2.77% and 2.99% for different maturities, showcasing a reduction in financing costs [3] - The company also completed a private bond issuance of 12 billion yuan with a rate of 2.79%, indicating strong market demand and a favorable financing environment [3] Sales and Market Recovery - In June 2025, Shoukai Co. reported a signed area of 133,000 square meters and a signed amount of 2.068 billion yuan, reflecting a month-on-month increase of 41.34% and 38.91% respectively, indicating a robust sales recovery [4] Product Development and Quality - The "Duanli Zhu" project exemplifies the company's commitment to high-quality housing, integrating safety, comfort, and technology into its design, and is positioned as a benchmark for "good housing" [6][9] - The project features high-end materials and advanced technology systems, ensuring a premium living experience [9][11] Corporate Responsibility and Industry Leadership - Shoukai Co. actively participates in promoting the "good housing" standard through its projects, demonstrating its role as a state-owned enterprise in driving industry standards and practices [11][13] - The company aims to extend its expertise in high-end residential development to urban renewal and other innovative sectors, reinforcing its commitment to sustainable development in the real estate industry [13]