9月10日晚间，富力地产（02777.HK，股价0.72港元，市值27.02亿港元）发布境内公司债券重组公告。 公告显示，富力地产拟为境内公司债券持有人提供包括现金购回、以物抵债、应收账款信托份额抵债等 在内的全面重组方案，共涉及6只境内债券，未偿还剩余本金余额合计逾122亿元。 "富力地产的重组方案把'现金+资产+展期'做成套餐，本质是在用时间换空间。"9月11日下午，眺远咨 询董事长兼CEO高承远向《每日经济新闻》记者分析称，合计122亿元的化债盘子不算最大，却首次 把"应收账款信托"正式塞进公开债工具箱，比融创、旭辉单纯展期+债转股更碎片化。好处是法律结构 简单，可绕开股票下跌对转股价格的拖累；坏处是底层应收款多来自政府或关联项目，现金流能见度 低。 六种化债方式可选 此次富力地产推出的境内债重组方案，为持有人提供了6种可选方式，包括现金购回、以物抵债、应收 账款信托份额抵债等。 现金购回选项中，富力地产拟对债券分三次进行折价购回，每张债券按剩余面值的20%购回，预计购回 总金额不超过6亿元。 首次现金购回在持有人会议召开后5个月内开放申报登记，申报启动后3个月内完成派付，资金来源包括 处置大宗资产、酒 ...

每经记者｜陈荣浩 每经编辑｜段炼 陈梦妤 9月10日晚间，富力地产（02777.HK，股价0.72港元，市值27.02亿港元）发布境内公司债券重组公告。 公告显示，富力地产拟为境内公司债券持有人提供包括现金购回、以物抵债、应收账款信托份额抵债等在内的全面重组方案，共涉及6只境内债券，未偿 还剩余本金余额合计逾122亿元。 资产信托份额抵债选项中，富力地产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，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。 股票经济收益权兑付选项里，富力地产拟在香港向特殊目的信托定向增发不超过2亿股股票，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。 "富力地产的重组方案把'现金+资产+展期'做成套餐，本质是在用时间换空间。"9月11日下午，眺远咨询董事长兼CEO高承远向《每日经济新闻》记者分 析称，合计122亿元的化债盘子不算最大，却首次把"应收账款信托"正式塞进公开债工具箱，比融创、旭辉单纯展期+债转股更碎片化。好处是法律结构简 单，可 ...

9月10日晚间，富力地产（02777.HK，股价0.72港元，市值27.02亿港元）发布境内公司债券重组公告。 公告显示，富力地产拟为境内公司债券持有人提供包括现金购回、以物抵债、应收账款信托份额抵债等 在内的全面重组方案，共涉及6只境内债券，未偿还剩余本金余额合计逾122亿元。 "富力地产的重组方案把'现金+资产+展期'做成套餐，本质是在用时间换空间。"9月11日下午，眺远咨 询董事长兼CEO高承远向《每日经济新闻》记者分析称，合计122亿元的化债盘子不算最大，却首次 把"应收账款信托"正式塞进公开债工具箱，比融创、旭辉单纯展期+债转股更碎片化。好处是法律结构 简单，可绕开股票下跌对转股价格的拖累；坏处是底层应收款多来自政府或关联项目，现金流能见度 低。 六种化债方式可选 后续两次购回分别在实施完前一次购回后的3个月内开放，申报启动后2个月内完成派付。若18个月内实 施完成且有更多资金来源，将再次开放现金购回选项。 以物抵债选项下，每100元剩余面值的债券可申报登记价值为30元的实物资产用于抵债，拟进行以物抵 债的未偿还债券本金余额合计不超过66亿元。 应收账款信托份额抵债方面，富力地产拟以3亿元应收回购款 ...

朋友们，我是帮主郑重。二十年看企业浮沉，恒大这场大戏演到终章，还是让人心头一震。8月22日，这艘曾经的地产巨轮将在港交所正式沉没——不是 破产清算，却比破产更刺眼：上市地位直接被取消。而许家印、丁玉梅夫妇身后，还悬着两把刀：香港法院追讨的418亿违规分红，和境内超500亿资产 冻结令。 一纸公告背后的三个"彻底" 8月12日恒大的公告，冷冰冰三句话藏着致命信号： 彻底放弃挣扎：直言"不申请复核"，认了退市命数。要知道当年停牌时它还列了7大复牌条件，如今一条未达； 彻底斩断融资血脉：港股大门焊死，境内债重组即便通过（目前仅占总债务24%），也失了资本市场输血通道； 彻底切割历史光环：从2009年上市风光无两，到如今成港交所除名最大房企，一个时代草草收场。 400亿分红追讨：救命钱还是"提款机"？ 2. 2万亿境内债重组生死线：当前通过率不足三成，若失败，或触发更大规模诉讼潮； 3. 刑事问责深水区：许家印案未结，财务造假、挪用资金等罪名若坐实，或掀开更大黑洞。 500亿资产冻结：保交楼的最后筹码？ 境内资产冻结令，看似雷声大，实则藏着困局： 资产早被"圈层锁定"：境内主要资产（土地、在建项目）此前多被地方政府监 ...

Core Viewpoint - The restructuring plan proposed by CIFI Group has not received approval from investors, leading to a deadlock in negotiations [1][4]. Group 1: Restructuring Progress - As of July 22, 2025, CIFI has not reached a new repayment arrangement with bondholders and has failed to secure sufficient funds for repayment by the original due date [2][17]. - The initial restructuring plan was announced on May 23, 2025, and was further optimized on July 8, 2025, but the bondholders of "20 CIFI 01" did not approve the plan [2][14]. - Out of seven bonds involved in the restructuring, four have had their plans approved by investors, while the "20 CIFI 01" bond has not [2][15]. Group 2: Investor Meetings and Voting - The first investor meeting convened by "20 CIFI 01" bondholders was declared invalid, prompting the organization of a second meeting [6][21]. - The second investor meeting, held from July 11 to July 15, 2025, resulted in the approval of six proposals, with 70 investors present, representing 50.46% of the outstanding bond balance [11][15]. - The voting rules for "20 CIFI 01" require a "double 50%" approval, meaning both 50% attendance and 50% agreement from attendees are necessary for passage [17][20]. Group 3: Investor Reactions and Disagreements - A significant number of investors, approximately 80, declared they would not participate in CIFI's investor meetings, indicating strong opposition to the proposed restructuring [8][21]. - There is a division among investors, with some accepting the revised restructuring plan while others, led by Chen Guangchuan, continue to oppose it [17][22]. - The legal opinion issued for the second investor meeting indicated that the proposals passed would not be binding on CIFI unless confirmed in writing by the issuer [19][23]. Group 4: Implications of Non-Approval - The failure to approve the restructuring plan for "20 CIFI 01" raises questions about whether it constitutes a substantive default, with differing views between the issuer and investors [19][20]. - CIFI believes that the existence of cross-default waivers in previous agreements means that a default on one bond will not affect the restructuring of others [22][23]. - The company has taken steps to move forward with the four bonds that have received approval, although specific plans for these bonds have not yet been clarified [23].

Core Viewpoint - CIFI Group is facing challenges in restructuring its domestic bonds, particularly the "20 CIFI 01" bond, as it has not reached a new repayment arrangement with bondholders and has failed to secure sufficient funds for repayment by the original due date [1][8] Group 1: Restructuring Progress - As of July 22, 2025, CIFI has not reached a new repayment arrangement with bondholders for the "20 CIFI 01" bond, necessitating continued negotiations [1] - The initial restructuring proposal was announced on May 23, 2025, and was subsequently optimized on July 8, 2025, but bondholders have not approved the proposal [1][5] - Out of seven bonds involved in the restructuring, four have had their proposals approved by investors, while the "20 CIFI 01" bond proposal was rejected [1][5] Group 2: Investor Meetings - The first investor meeting for "20 CIFI 01" held on June 3, 2025, was declared invalid, leading to the organization of a second meeting by Zhejiang Rongpeng Investment Co., Ltd. [2] - The second investor meeting took place from July 11 to July 15, 2025, where six proposals were put to vote, including adjustments to repayment arrangements [3][5] - Legal opinions were provided for the second investor meeting, confirming that 70 investors participated, representing 50.46% of the bond's outstanding balance [5][6] Group 3: Voting Dynamics - The restructuring proposal for "20 CIFI 01" has faced strong opposition from bondholders, with multiple voting sessions failing to reach consensus [1][6] - The voting rules for "20 CIFI 01" require a "double 50%" approval, meaning both 50% attendance and 50% agreement from attendees are necessary for passage [6] - The restructuring proposals have led to a division among investors, with some accepting the revised terms while others remain opposed [7][10] Group 4: Default Concerns - The maturity date for "20 CIFI 01" was July 22, 2025, and there is a disagreement on whether this constitutes a substantive default, as CIFI believes there is a five-day buffer period for voting on the restructuring proposal [8] - CIFI has not announced a default for "20 CIFI 01," arguing that if the proposal is approved during the buffer period, it should not be considered a default [8] - Investors have expressed concerns that the failure to approve the restructuring could impact the overall restructuring process for other bonds [10]

Core Viewpoint - Longfor Group has announced an optimized restructuring plan for its domestic debt, following a previous plan disclosed less than three months ago, indicating a significant shift in its approach to debt management [1] Group 1: Restructuring Plan Details - The new restructuring plan involves 21 domestic debt instruments with a total principal amount exceeding 21.9 billion yuan, with five options provided for bondholders [1] - The first option allows for full conversion into specific assets, where bondholders can register for trust shares equivalent to the remaining bond value, with an initial distribution of 0.5% of the remaining principal within three months of trust establishment [2] - The second option includes asset repayment, divided into two modes: physical asset repayment and trust repayment, with bondholders able to register for a physical asset worth 35 yuan for every 100 yuan of remaining bond value [2] - The third option proposes a buyback at an 18% discount, with an estimated total cash outlay of 450 million yuan for repurchasing approximately 2.5 billion yuan of bonds [3] - The fourth option involves debt-to-equity conversion, where Longfor Group will issue up to 530 million shares to offset bond amounts, calculated based on the remaining bond value [3] - The fifth option allows for full retention of debt for those who do not select or qualify for other options, extending the repayment period to April 2033 with a 1% annual interest rate [3] Group 2: Industry Context - Longfor is the third real estate company to significantly reduce its domestic debt during restructuring, following Sunac and CIFI, marking a shift from previous strategies that primarily focused on deferring repayment pressures without reducing debt scale [4] - The restructuring options across various real estate companies show similarities, including cash buybacks, debt-to-equity swaps, and asset repayments, reflecting a common approach to managing financial distress in the sector [4] - The current financial environment for real estate companies is characterized by tight cash flows and declining asset values, necessitating systematic and long-term measures to effectively mitigate debt risks [4]