德商产投服务(02270)发布公告，于2025年10月21日，本公司的全资附属公司成都德商与相关债务人及 车位出售方订立终止协议，成都德商同意将652个停车位退还至车位出售方，而相关债务人同意向成都 德商支付总额为人民币2252万元的款项。 根据终止协议对应的债务清偿协议，车位出售方合计将960个停车位转让至成都德商，以抵销相关债务 人欠付成都德商的应收款项。截至本公告日期，其中共计308个停车位已由成都德商出售，尚余共计652 个停车位由本集团持有。将该等车位退还至车位出售方，而由相关债务人以现金偿还债务，一方面有助 于扩充本集团现金流。另一方面有利于车位的快速去化，节约销售成本。 ...

Core Viewpoint - The report details the debt repayment progress of Wuhan Yuchan Real Estate Development Co., Ltd., a subsidiary of Dayue City Holdings Group Co., Ltd., highlighting the financial obligations and the ongoing legal proceedings related to the debt [1][2][3]. Debt Overview - The debtor is Wuhan Yuchan Real Estate Development Co., Ltd., with a loan amount of 490.3 million yuan for project construction [2][3]. - The loan interest rate is 4.35%, with a total principal and interest repayment amount of 137.4604 million yuan as of June 30, 2025 [3][5]. Debt Repayment Progress - Agricultural Bank of China provided a loan of 500 million yuan to Wuhan Yuchan, with Dayue City Holdings and Huaxia Happiness providing joint guarantees [3][4]. - As of May 2025, Wuhan Yuchan has repaid part of the loan, and Dayue City Holdings has fulfilled its guarantee obligations, leading to the withdrawal of the lawsuit against the issuer [4][5]. Legal Proceedings - On May 29, 2025, the court allowed the withdrawal of the lawsuit against Dayue City Holdings, while the case against other defendants continues [4]. - On August 20, 2025, a judgment was made requiring Wuhan Yuchan to repay 131.779 million yuan plus interest and penalties to Agricultural Bank [4][5]. Impact Analysis - Dayue City Holdings has fulfilled its guarantee obligations, and the remaining unpaid principal and interest of 137.4604 million yuan is the responsibility of Wuhan Yuchan, with Huaxia Happiness bearing joint repayment responsibility [5]. - The financial situation of Wuhan Yuchan is not expected to significantly impact the operational status or repayment capacity of Dayue City Holdings, as it represents a low proportion of the issuer's consolidated total assets, net assets, and revenue [5]. Bond Management - CITIC Securities, as the bond trustee for various bonds issued by Dayue City Holdings, will continue to monitor the repayment situation and other significant matters affecting bondholders' interests [6].

Group 1 - China Evergrande Group is set to delist from the stock market on August 25 after four years of turmoil, marking a significant chapter in its financial struggles [2] - The company's total debt stands at 2.39 trillion yuan, while its total assets are only 1.74 trillion yuan, indicating a substantial gap that complicates debt recovery for creditors [3][4] - The court-appointed liquidators are pursuing not only the assets of Evergrande but also the "illegal gains" of its founder Xu Jiayin and related parties, who have been uncooperative in disclosing their assets [2][3][4] Group 2 - As of July 31, the liquidators have received 187 claims totaling approximately 350 billion HKD (45 billion USD), significantly higher than the last reported debt of 27.5 billion USD in 2022 [3] - The liquidators have initiated legal action against Xu Jiayin and other executives for alleged breaches of duty related to financial statements from 2018 to 2020, seeking to recover around 60 billion HKD (approximately 4.38 billion RMB) in dividends and compensation [4][8] - The Hong Kong High Court has frozen assets worth 60 billion HKD belonging to Xu Jiayin and others, requiring them to disclose their assets [4][8] Group 3 - Xu Jiayin has reportedly transferred 42.7 billion RMB in assets to his ex-wife and established a 2.3 billion USD trust for his children, raising concerns about asset concealment [5][7] - The "technical divorce" between Xu Jiayin and his ex-wife has been interpreted as a strategy to protect assets from creditors [5][7] - The liquidators are focusing on compelling Xu Jiayin to disclose his assets, which could potentially recover a portion of the estimated 45 billion USD in debts owed to creditors [8] Group 4 - Summer Hai Jun, a key figure in Evergrande, has been located in the U.S. after being missing for over a year, with assets including three luxury homes and four cars valued at approximately 24 million USD [9][12] - The court has issued a temporary injunction against assets held by Summer Hai Jun's wife, indicating ongoing legal scrutiny of their financial dealings [11][12] - Summer Hai Jun's past compensation has been substantial, with reported earnings exceeding 1 billion RMB in a single year, highlighting the financial scale of Evergrande's leadership [16][17]