香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 （於開曼群島註冊成立的有限公司） 茲提述(i)本公司日期為2025年4月17日、2025年5月13日、2025年5月26日、 2025 年 6 月 6 日、2025 年 6 月 24 日、2025 年 8 月 18 日、2025 年 9 月 9 日、2025 年9月15日、2025年9月19日、2025年10月14日、2025年11月5日、2025年 12月17日及2025年12月23日之公告，以及本公司日期為2025年8月22日之通 函，內容有關（其中包括）境外債務重組，及(ii)本公司日期為2026年1月5日之 公告，內容有關駁回對本公司的清盤呈請。 – 1 – （股份代號：01918） 有關解決核數師無法作出意見的行動計劃實施情況的季度更新 茲提述融創中國控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）於20 ...

Core Viewpoint - Shimao Group has updated its announcement regarding the "no opinion" matter for the 2024 annual report, highlighting significant progress in its debt restructuring efforts and ongoing negotiations with creditors [1] Group 1: Debt Restructuring - The company's offshore debt restructuring plan became effective on July 21, 2025, with approximately $4.1 billion of mandatory convertible bonds converted into new shares, representing about 82% of the total amount issued [1] - In addition to offshore debt restructuring, the company has been negotiating loan extensions or restructurings with domestic lenders, successfully extending approximately 1.8 billion yuan of domestic loans since early 2026, with the longest extension lasting until 2029 [1] Group 2: Cash Flow Improvement - The company is implementing targeted incentive plans for the recovery and revitalization of various receivables and is actively responding to government support policies to improve cash flow [1] - Measures include revitalizing funds from government regulatory accounts, advance land payments, and various deposits, which are used to pay or offset project engineering costs, taxes, and other expenses [1] Group 3: Sales and Delivery - The company plans to accelerate the sale of existing properties and ensure delivery, setting reasonable sales prices and supply plans based on market conditions to achieve sales and collection targets [1] - In the first two months of this year, the total contracted sales amounted to 2.811 billion yuan [1] Group 4: Government Support - As of the announcement date, the company has secured loans totaling approximately 749 million yuan under the local government whitelist, alleviating financial pressure for housing delivery [2]

Core Viewpoint - The recent news regarding Country Garden's large-scale recall of former employees has sparked significant market interest, although the company clarified that the related policy is a routine update rather than a new initiative [2][3][5]. Group 1: Employee Management - Country Garden's internal document, the "Rehiring Management Measures for Departed Employees," was updated in January 2023, aiming to ensure orderly business operations and support key positions during the company's recovery phase [4][5]. - The company emphasizes that the adjustment of the rehiring policy is a regular update and not a new policy, highlighting the importance of talent for sustainable development [5][6]. - The employee count at Country Garden peaked at 131,387 in 2018, but has since decreased significantly, with only 17,900 employees reported in the mid-2025 financials [7]. Group 2: Business Strategy and Future Outlook - Chairman Yang Huiyan has defined 2026 as a critical year for completing housing deliveries and transitioning to normal operations, with a clear timeline to finish most delivery tasks by mid-2026 [8]. - The company aims to focus on building core competitiveness over the next 3-5 years, with plans to enhance product offerings and adapt to diverse customer needs [8][9]. - Country Garden has been preparing for "second growth," including significant debt restructuring, which is expected to reduce overall debt by nearly 90 billion yuan and lower financing costs to 1%-2.5% [10]. - The company has also streamlined its organizational structure, reducing its property regions from 13 to 10 to improve operational efficiency [10]. Group 3: Sales Performance - In the first two months of 2026, Country Garden reported a contract sales amount of approximately 2.23 billion yuan, corresponding to a sales area of about 290,000 square meters [10]. - The company ranked among the top ten in sales rights and operational area among Chinese real estate firms during January-February 2026 [11]. - The management has identified March-April as a crucial observation window for sales activities, emphasizing the need for systematic sales efforts [12].

Core Viewpoint - The company has made significant progress in its offshore debt restructuring, reaching a principle agreement with a group of noteholders on the main terms of a comprehensive restructuring plan, pending further negotiations on final terms and documentation [1] Group 1: Debt Restructuring Details - The restructuring plan involves the company's offshore debt, which includes $3.95 billion in senior notes, $380 million in syndicated loans, and $334 million in other loan financing [1] - The plan offers two economic options for the debt holders: 1. Option One allows for $0.87 in cash, $29.00 in zero-coupon exchangeable notes linked to a property development project, and $20.00 in zero-coupon mandatory convertible bonds (MCBs), with the remaining principal amount being written off [2] 2. Option Two converts 100% of the debt into MCBs, which can be voluntarily converted into new shares at a price of HKD 1.55 per share [2] Group 2: Additional Financial Measures - The company plans to conduct a rights issue prior to the restructuring effective date to raise funds for restructuring-related expenses [3] - The chairman and/or family members will provide up to $10 million in new funding, which may take the form of equity or subordinated debt, subject to further negotiations with the noteholder group [3] - A new share incentive plan will be adopted, allowing for the issuance of up to 3% of the company's total shares to selected management, directors, and/or employees [3]

Core Viewpoint - The company has reached a principle agreement with a group of noteholders regarding a comprehensive offshore debt restructuring plan, which involves significant amounts of outstanding debt [1][4]. Group 1: Debt Restructuring Details - The restructuring plan involves the company's offshore debt, including $3.95 billion in senior notes, $380 million in syndicated loans, and $334 million in other loan financing [5]. - The group of noteholders collectively holds or controls over 25.8% of the total outstanding principal amount of the applicable debt [5]. Group 2: Options for Debt Holders - The restructuring plan offers two options for holders of applicable debt: - Option One: For every $100 of debt principal, $0.87 will convert to cash, $29 will convert to zero-coupon exchangeable notes, $20 will convert to zero-coupon mandatory convertible bonds (MCB), and the remaining principal amount will be written off [6]. - The maximum principal amount eligible for Option One is $1.38 billion [7]. - Option Two: 100% of the applicable debt principal held by creditors will convert to MCB, which can be voluntarily converted into new shares of the company at a conversion price of HKD 1.55 per share [7]. Group 3: Additional Measures - As part of the restructuring, the company will conduct a rights issue prior to the effective date of the restructuring, with proceeds intended to cover restructuring-related expenses [8].

Core Viewpoint - The company has made significant progress in its offshore debt restructuring, reaching a principle agreement with a group of noteholders on the main terms of a comprehensive restructuring plan, pending further negotiations on final terms and documentation [1] Group 1: Debt Restructuring Details - The restructuring plan involves the company's offshore debt, which includes $3.95 billion in senior notes, $380 million in syndicated loans, and $334 million in other loan financing [1] - The plan offers two economic options for the debt holders: 1. Option One allows for $0.87 in cash, $29.0 in zero-coupon exchangeable notes linked to a property development project, and $20.0 in zero-coupon mandatory convertible bonds (MCB), with the remaining principal being written off [2] 2. Option Two converts 100% of the debt into MCB, which can be voluntarily converted into new shares at a price of HKD 1.55 per share [2] Group 2: Additional Financial Measures - The company plans to conduct a rights issue prior to the effective date of the restructuring to raise funds for related expenses [3] - The chairman and/or family members will provide up to $10 million in new funding, which may take the form of equity or subordinated debt, subject to further negotiations [3] - A new share incentive plan will be adopted, allowing for the issuance of up to 3% of the company's total shares to selected management, directors, and/or employees [3]

Core Viewpoint - The company, Fantasia Holdings, has received approximately 99.67% support from plan creditors for its restructuring plans in Hong Kong and the Cayman Islands, meeting the core requirements for court approval [1][3]. Group 1: Meeting and Voting Details - The plan meeting took place on February 20, 2026, at 7 PM Hong Kong time, with 1,412 creditors participating, holding a total of approximately $6.097 billion in voting rights [1][3]. - Out of the participating creditors, 1,397 voted in favor of the plans, representing about $6.077 billion in voting rights, which accounts for approximately 99.67% of the total voting rights [1][3]. Group 2: Court Approval Process - Following the creditor meeting approval, Fantasia Holdings will apply to the Hong Kong and Cayman Islands courts for the approval of the restructuring plans [1][3]. - The court hearing for the Hong Kong plan is scheduled for March 12, 2026, at 10 AM Hong Kong time, while the Cayman plan hearing is set for the same day at 10:30 PM Hong Kong time [1][3]. Group 3: Implications of Court Approval - The court hearings will serve as a judicial review of the fairness and feasibility of the restructuring plans, providing legal binding effects on all creditors, including those who did not attend or voted against the plans [2][4]. - Approval from both jurisdictions will enhance the cross-border enforceability of the restructuring plans, ensuring a clear debt repayment timeline and amounts for the company, thereby stabilizing its operations [2][4].

Core Viewpoint - The company is encouraged by the strong support from offshore debt holders for its restructuring plan, with approximately 69.55% of the total outstanding principal of offshore debt holders having joined or agreed to join the restructuring support agreement as of January 9, 2026 [1] Group 1 - The company announced that the deadline for the restructuring support agreement has been extended from January 9, 2026, at 4 PM (London time) to January 30, 2026, at 4 PM (London time) to facilitate the review process for noteholders [1]

Core Viewpoint - Sunac China Holdings Limited (01918) experienced a decline of over 6%, with a current drop of 6.77%, trading at HKD 1.24, with a transaction volume of HKD 315 million [1] Group 1: Sales Performance - In December, the company achieved a contract sales amount of RMB 29.5 billion, representing a year-on-year increase of 68.6% [1] - The contract sales area was approximately 272,000 square meters, an increase of 97.1% year-on-year [1] - The average selling price per square meter was RMB 10,850, a decrease of 14.4% [1] Group 2: Annual Sales Overview - For the fiscal year 2025, the cumulative contract sales amount reached RMB 368.4 billion, a year-on-year decrease of 21.8% [1] - The sales area involved was approximately 1.453 million square meters, a reduction of 35.7% [1] - The average selling price per square meter was RMB 25,350, an increase of 21.6% [1] Group 3: Legal and Financial Developments - On January 5, the Hong Kong court rejected a winding-up petition against Sunac China [1] - The company announced that all preconditions for a comprehensive offshore debt restructuring had been met, with the restructuring effective from December 23, 2025 [1] - Approximately USD 9.6 billion of existing debt has been fully released and waived [1]

Core Viewpoint - Sunac China Holdings Limited successfully avoided a winding-up petition after the High Court dismissed the case, following the completion of a comprehensive offshore debt restructuring on December 23, 2025, which strengthened the company's financial structure [1] Group 1: Debt Restructuring - The successful restructuring allows the company to eliminate approximately $9.6 billion (around HKD 748.8 billion) of existing debt, contingent upon meeting restructuring conditions or obtaining waivers [1] - As part of the restructuring, the company will issue two mandatory convertible bonds to the planned creditors [1] - The company has reached a 10-year extension and equity settlement plan with Chiyu Banking Corporation for the remaining debt of HKD 858 million [1] Group 2: Market Impact - The dismissal of the winding-up petition alleviates market concerns regarding the company's potential insolvency [1] - The restructuring plan aims to thoroughly address debt risks and support the company's credit and long-term business recovery [1]