Group 1 - The core point of the news is that Country Garden (碧桂园) plans to restructure nine public market bonds, adjusting the repayment arrangements for principal and interest, and offering various options for bondholders [2] - As of the end of June, the total outstanding balance of the nine bonds is 13.85828 billion yuan, including several specific bond series [2] - The proposed adjustments extend the principal repayment deadline to September 2, 2035, with a structured repayment plan starting from September 2, 2031, involving gradual payments over nine periods [2] Group 2 - Bondholders accepting the adjusted repayment arrangements must also agree to changes in credit enhancement measures, including the removal of certain guarantees and the non-consideration of asset value fluctuations due to market or policy reasons as defaults [3] - Country Garden offers three additional restructuring options for bondholders, including a cash buyback option, a stock-for-debt option, and a conversion to general debt [4] - The cash buyback option allows for a maximum of 450 million yuan to be used for repurchasing bonds at 12% of their face value, with different allocation ratios for various bonds [4] Group 3 - The stock-for-debt option involves issuing up to 1.46 billion new shares at a price of 2.6 HKD per share, with bondholders waiving all interest accrued on the relevant bonds [5][6] - The newly issued shares can be sold within 24 months, with any unsold shares being forcibly sold in the 25th month [6] - The general debt conversion option allows bondholders to convert their bond holdings into non-bond general debt, with a repayment date extended to 2033 and an interest rate of 1% per year [6]

旭辉控股CFO杨欣表示："房地产市场仍然处于艰难的筑底期，房地产行业也正在经历深刻的转型期。 面对依然复杂的市场环境，由重到轻的转型之路绝非坦途。未来，旭辉将严格按照重组方案履行企业责 任，积极兑现承诺，以二次创业的精神拥抱变化，努力活下去、站起来。" 与此同时，旭辉控股表示，将根据债券持有人会议议案的相关约定，安排相关债权人就其持有的债券在 重组选项中进行选择及分配。 此前的7月8日，旭辉控股发布了优化后的重组方案，提高现金兑付比例提升至20%、提高以资抵债兑付 率至40%、提高定增股票上限至10.2亿股，缩短留债展期时间至7-8年。 新京报贝壳财经讯9月15日，旭辉控股(集团)有限公司(简称"旭辉控股")披露，旭辉集团7笔境内公开市 场债券的整体重组方案获债券持有人会议表决通过，涉及金额合计约100.6亿。上述境内债券重组方案 涉及对旭辉中国发行的七笔存续公司债券的本息偿付安排进行调整，并提供包括债券购回、股票经济收 益权、以资抵债及一般债权等重组选项。 ...

旭辉方面透露，下一步将根据债券持有人会议议案的约定，快速落地相关后续工作，安排债券持有人就 其持有的债券在重组方案选项中进行选择及分配。 （文章来源：每日经济新闻） 9月15日傍晚，旭辉控股集团（00884.HK，股价0.25港元，市值26.27亿港元）公告，公司7笔境内公开 市场债券的整体重组方案获债券持有人会议表决通过，涉及金额合计约100.6亿元。 旭辉控股集团CFO杨欣表示："房地产市场仍然处于艰难的筑底期，房地产行业也正在经历深刻的转型 期。面对依然复杂的市场环境，由重到轻的转型之路绝非坦途。未来，旭辉将严格按照重组方案履行企 业责任，积极兑现承诺，以二次创业的精神拥抱变化，努力活下去、站起来。" 旭辉控股集团曾于2025年5月23日公布境内债券重组框架，并于7月8日发布优化后的重组方案，提高现 金兑付比例至20%、提高以资抵债兑付率至40%、提高定增股票上限至10.2亿股，缩短留债展期时间至7 ～8年，以寻求投资人的支持。此次百亿元境内债务重组方案终获通过，将缓解公司未来的流动性压 力，压降债务压力，改善整体财务状况和资产负债表。 ...

Group 1 - CIFI Group announced overdue debts totaling 1,043.63 million yuan as of September 2, 2025, involving multiple subsidiaries [2] - The overdue debts are primarily related to bank project loans from various subsidiaries including Six Android Jin Real Estate Development Co., Ltd. and others [2] - The company has successfully passed bond restructuring proposals for several of its existing credit bonds through bondholder meetings [2] Group 2 - The company has exempted cross-default clauses or related default statements for all its existing credit bonds [2] - CIFI Group is closely monitoring the situation and will take proactive measures to mitigate any adverse effects on its operations and debt repayment capacity [2]

Core Viewpoint - R&F Properties (stock code: 02777) announced a comprehensive restructuring plan for its domestic bonds, which includes options such as cash buyback, debt-for-equity swaps, and receivables trust shares as collateral [1][3] Financial Performance - In the first half of the year, R&F Properties reported revenue of 5.765 billion yuan, a year-on-year decrease of 59.43%, and a loss of 4.082 billion yuan, which is a 75.12% increase in loss compared to the same period in 2024 [3] - The net loss attributable to shareholders was 4.046 billion yuan, reflecting a year-on-year increase in loss of 73.6% [3] Debt Situation - R&F Properties has total assets of 289.149 billion yuan, with development properties accounting for 120.738 billion yuan, or 41.75% of total assets [3] - Total liabilities reached 264.379 billion yuan, an increase of approximately 2.243 billion yuan compared to the end of the previous year, resulting in a debt-to-asset ratio of 91.43% [3] - The company has cash and cash equivalents of only 688 million yuan [3] Bond Restructuring Plan - If the bond restructuring is approved by all bondholders and successfully implemented, the remaining domestic bond principal will be extended to September 16, 2035 [3] - Starting from March 16, 2031, each bond will pay 1 yuan of principal in cash every six months, with the full remaining principal and interest paid on the final maturity date [3] - Interest during the past and extended periods will be uniformly reduced to 1%, calculated on a simple interest basis without compounding [3] - The restructuring plan aims to alleviate short-term repayment pressure, reduce the company's debt ratio, and improve financial conditions, allowing the company to focus more on its core business and enhance operational capabilities [3]

Core Viewpoint - R&F Properties has announced a restructuring plan for its domestic bonds, involving six specific bonds with a total outstanding principal of approximately 12.205 billion yuan [4][6]. Group 1: Restructuring Plan Details - The restructuring plan includes six bonds: "H16 R&F 4", "H16 R&F 5", "H16 R&F 6", "H18 R&F 8", "H18 R&F 1", and "H19 R&F 2" [4]. - The proposed restructuring options consist of: 20% cash buyback, 30% asset-for-debt swaps, 30% accounts receivable trust, 35% asset trust, a private placement of up to 200 million shares, and extending the debt maturity to September 2035 [4][6]. Group 2: Financial Implications - The cash buyback option involves repurchasing bonds at a 20% discount, with a total expected buyback amount not exceeding 600 million yuan [6]. - The asset-for-debt swap allows bondholders to exchange 100 yuan of bond face value for 30 yuan worth of physical assets, with a total of up to 6.6 billion yuan in bonds eligible for this option [6]. - The accounts receivable trust will use 300 million yuan in receivables as the underlying asset, allowing bondholders to exchange 100 yuan of bond face value for 30 yuan in trust shares, with a total of up to 1 billion yuan in bonds eligible [6]. - The asset trust will utilize physical asset income rights, allowing bondholders to exchange 100 yuan of bond face value for 35 yuan in trust shares, with a total of up to 5.7 billion yuan in bonds eligible [6]. - The private placement aims to issue up to 200 million shares in Hong Kong to fund the repayment of bondholders [6]. Group 3: Company Background and Financial Status - R&F Properties, once a leading player in the South China real estate market, reported a significant decline in sales from over 130 billion yuan in 2019 to 11.23 billion yuan in 2024 [9]. - As of June 2025, the company had total assets of 289.149 billion yuan, total liabilities of 264.379 billion yuan, and a net asset value of 24.771 billion yuan, resulting in a debt-to-asset ratio of 91.43% [12]. - The company has faced liquidity pressures, with a significant portion of its liabilities being short-term, leading to a tight cash position of only 688 million yuan [16].

Core Viewpoint - R&F Properties (02777) is facing significant financial challenges, leading to a proposed restructuring of its domestic bonds due to a substantial loss and declining revenue [1] Financial Performance - In the first half of the year, R&F Properties reported a revenue of 5.765 billion RMB, a year-on-year decrease of 59.43% [1] - The company recorded a loss attributable to shareholders of 4.046 billion RMB, which represents a year-on-year increase of 73.6% [1] Bond Restructuring Proposal - R&F Properties announced a preliminary plan to provide a comprehensive restructuring scheme for domestic bondholders, which includes six options: cash buyback, debt-for-asset swaps, receivables trust shares, asset trust shares, equity economic rights payment, and full debt extension [1] - The restructuring involves six bonds with an outstanding principal balance exceeding 12.2 billion RMB [1] Market Reaction - Following the announcement, R&F Properties' stock price dropped over 4%, trading at 0.71 HKD with a transaction volume of 6.2197 million HKD [1] - The company has been removed from the Hong Kong Stock Connect list, effective from September 8 [1]

公告称，鉴于公司整体经营现状，拟初步为公司境内公司债券持有人提供整体重组方案，包 括现金购回、以物抵债、应收账款信托份额抵债、资产信托份额抵债、股票经济收益权兑付 和全额留债长展期。 首先是现金购回选项。富力地产拟对债券分三次进行折价（每张债券剩余面值的 20% ）购 回，预计购回总金额不超过 6 亿元（人民币，下同）。 【导读】富力地产给境内债券持有人六个选项，目前存续余额约为 144 亿元 中国基金报记者 南深 9 月 10 日晚，在港上市的富力地产发布公告称，向公司股东、证券持有人及潜在投资者提供 有关公司境内公司债券重组的资料。 第四是资产信托份额抵债。公司拟以实物资产收益权作为资产信托的基础资产，设立服务型 信托，每 100 元剩余面值的债券可申报登记价值为 35 元的资产信托份额。本次拟进行资产 信托份额抵债的未偿还债券本金余额合计不超过 57 亿元。 第五是股票经济收益权兑付。公司拟在香港向特殊目的信托定向增发股票数量不超过 2 亿 股，用于股票经济收益权兑付。处置定增股票所获外币资金净额等额的境内资金将用于偿付 获配股票选项的债券持有人。 第六是全额留债长展期。若本次境内债券重组经全部持有人会 ...

Core Viewpoint - R&F Properties is offering six restructuring options for its domestic bondholders due to its overall operational status, with a total outstanding balance of approximately 14.4 billion yuan [1][3]. Summary by Category Restructuring Options - The company proposes a comprehensive restructuring plan for domestic bondholders, which includes cash buyback, asset swaps, trust shares, stock economic rights, and full debt extension [3][4]. - Cash buyback option involves repurchasing bonds at a 20% discount, with a total buyback amount not exceeding 600 million yuan [3]. - Asset swap option allows bondholders to exchange bonds for physical assets valued at 30 yuan for every 100 yuan of bond face value, with a total outstanding bond principal of up to 6.6 billion yuan [3]. - Trust shares option involves using 300 million yuan in receivables to establish a trust, allowing bondholders to exchange bonds for trust shares valued at 30 yuan for every 100 yuan of bond face value, with a total outstanding bond principal of up to 1 billion yuan [3]. - Asset trust shares option allows bondholders to exchange bonds for asset trust shares valued at 35 yuan for every 100 yuan of bond face value, with a total outstanding bond principal of up to 5.7 billion yuan [3]. - Stock economic rights option involves issuing up to 200 million shares in Hong Kong to a special purpose trust for bondholders, with proceeds used to repay selected bondholders [4]. - Full debt extension option will extend the remaining bond principal to September 16, 2035, with a reduced interest rate of 1% and semi-annual cash payments starting March 16, 2031 [4]. Company Background - R&F Properties is a well-known real estate company in Guangdong, previously recognized as a leader among the "Five Tigers of South China," with peak sales exceeding 130 billion yuan in 2019 [4]. - The company's total sales for 2024 are projected to be only 11.23 billion yuan [4]. - The current outstanding domestic bonds consist of eight issues, including six general corporate bonds, one private corporate bond, and one directed tool, with the largest two bonds each exceeding 4 billion yuan [4].

(三)应收账款信托份额抵债：公司拟以人民币3亿元应收回购款作为基础资产，设立应收账款信托，每 人民币100元剩余面值的债券可申报登记价值为人民币30元的信托份额。本次拟进行应收账款信托份额 抵债的未偿还债券本金余额合计不超过人民币10亿元。 (四)资产信托份额抵债：公司拟以实物资产收益权作为资产信托的基础资产，设立服务型信托，每人民 币100元剩余面值的债券可申报登记价值为人民币35元的资产信托份额。本次拟进行资产信托份额抵债 的未偿还债券本金余额合计不超过人民币57亿元。 富力地产(02777)公布，鉴于公司整体经营现状，公司拟初步为公司境内公司债券持有人提供整体境内 债券重组方案，包括现金购回、以物抵债、应收账款信托份额抵债、资产信托份额抵债、股票经济收益 权兑付和全额留债长展期，具体如下： (一)现金购回：公司拟对债券分三次进行折价(每张债券剩余面值的20%)购回，预计购回总金额不超过 人民币6亿元。 (二)以物抵债：公司拟以实物资产偿付债券，每人民币100元剩余面值的债券可申报登记可抵债价值为 人民币30元的实物资产，本次拟进行以物抵债的未偿还债券本金余额合计不超过人民币66亿元。 (六)全额留债长展 ...