重组方案拟向适用范围内债务的持有人╱贷款人(统称"计划债权人")提供两(2)项经济选项方案，使其适 用范围内债务转换为下列形式：(i) 选项一：计划债权人每持有100美元适用范围内债务本金额，若选择 及╱或获分配至选项一，其中0.87美元将转换为现金，29.0美元将转换为零息可交换票据(ALC票据)， 该票据将享有位于香港鸭脷洲的物业发展项目的经济利益(ALC项目)，20.0美元将转换为与选项二条款 相同的零息强制可转换债券(MCB)，而其余本金额将全数註销。可分配至选项一的适用範围内债务本金 额最高为13.8亿美元;及 (ii) 选项二：由选择及╱或获分配至选项二的计划债权人持有的适用范围内债务本金额的100.0%将转换 为MCB。MCB持有人可自愿按每股 1.55港元的转换价，将其MCB转换为公司新发行股份。所有未偿还 的MCB将于到期日(即重组生效日期后两年当日)转换为公司新发行股份，惟倘若干中止事件发生则将导 致强制转换中止。 为维持股权结构稳定，重组条款要求计划债权人指示计划债权人应占的每 100美元本金额的MCB(选项 一与选项二均适用)中，27美元的该等MCB将发行予公司主席。 合景泰富集团(0 ...

重组方案涉及公司境外债务，包括39.5亿美元优先票据、3.8亿美元银团贷款和3.34亿美元其他贷款融 资。 重组方案拟向适用范围内债务的持有人或贷款人提供两项选项方案，使其债务转换为下列形式： 选项一为，债权人每持有100美元债务本金，其中0.87美元将转换为现金，29美元将转换为零息可交换 票据，20美元将转换为零息强制可转换债券（MCB），其余本金额将予以注销。 合景泰富在港交所公告中表示，已与票据持有人小组就一项全面的境外债务重组方案之主要条款达成原 则性协议。 该小组的成员共同持有或控制适用范围内债务超过25.8%的未偿还本金总额。 重组方案涉及公司境外债务，包括39.5亿美元优先票据、3.8亿美元银团贷款和3.34亿美元其他贷款融 资。 重组方案拟向适用范围内债务的持有人或贷款人提供两项选项方案，使其债务转换为下列形式： 选项一为，债权人每持有100美元债务本金，其中0.87美元将转换为现金，29美元将转换为零息可交换 票据，20美元将转换为零息强制可转换债券（MCB），其余本金额将予以注销。 可分配至选项一的适用范围内债务本金额最高为13.8亿美元。 选项二为，债权人持有的适用范围内债务本金额10 ...

重组方案拟向适用范围内债务的持有人╱贷款人(统称"计划债权人")提供两(2)项经济选项方案，使其适 用范围内债务转换为下列形式：(i) 选项一：计划债权人每持有100美元适用范围内债务本金额，若选择 及╱或获分配至选项一，其中0.87美元将转换为现金，29.0美元将转换为零息可交换票据(ALC票据)， 该票据将享有位于香港鸭脷洲的物业发展项目的经济利益(ALC项目)，20.0美元将转换为与选项二条款 相同的零息强制可转换债券(MCB)，而其余本金额将全数註销。可分配至选项一的适用範围内债务本金 额最高为13.8亿美元;及 (ii) 选项二：由选择及╱或获分配至选项二的计划债权人持有的适用范围内债务本金额的100.0%将转换 为MCB。MCB持有人可自愿按每股 1.55港元的转换价，将其MCB转换为公司新发行股份。所有未偿还 的MCB将于到期日(即重组生效日期后两年当日)转换为公司新发行股份，惟倘若干中止事件发生则将导 致强制转换中止。 为维持股权结构稳定，重组条款要求计划债权人指示计划债权人应占的每 100美元本金额的MCB(选项 一与选项二均适用)中，27美元的该等MCB将发行予公司主席。 智通财经APP讯 ...

相关业内人士透露，香港和开曼法院的聆讯是对重组计划公平性与可行性的司法审查，通过获得法院颁 令，对相关债权人（包括未参会或投反对票的债权人）产生法律约束力。作为开曼群岛注册、香港上市 的企业，双司法管辖区的批准聆讯亦可最大化重组计划的跨境执行力。法院批准重组计划后，一方面花 样年将获得明确的债务偿还时间表和金额安排，为公司正常经营创造稳定环境；另一方面也意味着重组 计划的"可执行性"得到司法确认，债权人的受偿顺序和金额予以确保。 责任编辑：尉旖涵 2月22日晚间消息，花样年发布公告，宣布已于计划会议上获得金额占比约99.67%的计划债权人支持， 批准（并无任何修改）香港计划及开曼计划，达成香港法院及开曼法院批准各计划的核心要求。 公告显示，计划会议已于2026年2月20日下午七时正（香港时间）于香港年利达律师事务所办公室召 开，并进行投票表决。于计划会议上，共有1412名计划债权人，拥有或持有总金额约60.97亿美元的计 划债权人表决权的权益，参与了计划会议。于该计划债权人中，1397名计划债权人（拥有或持有总金额 约60.77亿美元的计划债权人表决权的权益）投票赞成各计划，且占投票表决权总值的约99.67% ...

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]

Group 1 - The core announcement is that Sunac China Holdings Limited has completed all prerequisites for its comprehensive offshore debt restructuring, effective from December 23, 2025 [1] - Approximately $9.6 billion of existing debt has been fully released and waived, with the company planning to issue mandatory convertible bonds to creditors as part of the restructuring [1] - The completion of the debt restructuring is expected to eliminate the company's debt risks, establish a sustainable capital structure, and enhance confidence among stakeholders, aiding in the resolution of domestic real estate project debt risks and asset revitalization [1]

Core Viewpoint - Sunac China Holdings Limited (01918.HK) announced that its comprehensive offshore debt restructuring is expected to take effect around December 23, 2025, contingent upon meeting or waiving restructuring conditions [1] Group 1: Debt Restructuring Details - Approximately $9.6 billion of existing debt will be fully discharged upon the effective date of the restructuring, with the company issuing two types of mandatory convertible bonds to creditors as part of the plan [1] - The initial conversion price for Mandatory Convertible Bond 1 is HKD 6.8 per share, representing a premium of about 330.38% compared to the closing price on April 17, 2025, while Mandatory Convertible Bond 2 has an initial conversion price of HKD 3.85 per share, with a premium of approximately 143.67% [1] - The company, along with its subsidiary Sanya Qingtian, has entered into a restructuring agreement with Jiyou to address the remaining debt outside the comprehensive offshore debt restructuring [1] Group 2: Jiyou Restructuring Agreement - Under the Jiyou restructuring agreement, 35% of the outstanding principal amount owed to Jiyou (approximately HKD 300.3 million) will be restructured into a loan with a ten-year extension, while the remaining amount will be settled through the issuance of new shares [2] - The number of shares to be issued for settlement is 279,212,879, with a total par value of HKD 27.9 million, and based on the market price of HKD 1.3 per share, the total market value amounts to approximately HKD 363 million [2] - The company aims to resolve its debt risk entirely through the comprehensive offshore debt restructuring and the Jiyou transaction, thereby supporting its overall credit and long-term business recovery [2] Group 3: Jiyou Bank Background - Jiyou is a licensed bank in Hong Kong, incorporated as a limited company, and is directly controlled by Jiyou International Financial Holdings Limited, which is wholly owned by Xiamen International Investment Co., Ltd. [3] - Xiamen International Bank, which indirectly owns Jiyou, is primarily held by the Fujian Provincial Government and its associated asset management committees, collectively holding over 35% of the bank's shares [3]

Core Viewpoint - The company, Sunac China, announced that its debt restructuring is expected to take effect around December 23, 2025, contingent upon meeting or waiving restructuring conditions [1] Debt Restructuring - Upon the effective date of the restructuring, approximately $9.6 billion of the company's existing debt will be fully discharged and released [1] - As part of the restructuring plan, the company will issue mandatory convertible bonds to the plan creditors on the effective date [1] Specific Debt Agreements - The company, along with its subsidiary Sanya Qingtian, has entered into a restructuring agreement with Jiyou to address the only remaining debt outside the comprehensive offshore debt restructuring [1] - As of the signing date of the Jiyou restructuring agreement, the outstanding principal of this loan amounts to HKD 858 million [1] Overall Impact - The completion of the comprehensive offshore debt restructuring and the Jiyou transaction is expected to thoroughly resolve the company's debt risks, supporting its overall credit and long-term business recovery [1]