Group 1 - The core viewpoint of the articles highlights that debt restructuring for real estate companies is accelerating, with 14 companies having received approval for debt restructuring or reorganization as of now, marking a critical step in resolving debt risks [1] - Analysts believe that effectively promoting debt restructuring is not only a necessary means for corporate relief but also a key path to mitigate current industry risks [1][3] - The threshold for debt restructuring is high, with less than 30% of over 50 large real estate companies that faced liquidity crises since 2021 successfully completing debt restructuring, indicating that only 2-3 out of every 10 distressed companies can reach this stage [2] Group 2 - Since 2023, multiple departments have expressed support for real estate companies to negotiate debt restructuring with creditors through market-oriented methods, providing clear policy guidance for risk mitigation in the industry [3] - The trend of debt restructuring has shifted from primarily extending debt to substantial debt reduction, with companies increasingly utilizing methods such as debt-to-equity swaps, cash offers, and asset pledges to reduce their debt [3] - The liquidity crisis for real estate companies remains unresolved, with the scale of maturing debts expected to rise to 525.7 billion yuan in 2025, while sales continue to decline, with a 47% drop in national commodity housing sales compared to the peak in 2021 [3] Group 3 - There is a call for real estate companies and creditors to focus on finding a "greatest common divisor" in negotiations, aiming for practical and rational agreements to avoid extreme conflicts that could lead to a "lose-lose" situation [4] - The "greatest common divisor" refers to a restructuring plan that maximally protects the overall interests of creditors while considering market conditions and the sustainable operational capacity of the companies [4] - If consensus is not reached among creditors, it may lead to prolonged restructuring processes or failures, resulting in significant asset value losses and lower recovery rates for creditors compared to timely restructuring agreements [4]