Core Viewpoint - China Evergrande officially delisted from the Hong Kong Stock Exchange on August 25, 2023, marking the end of its 16-year presence in the capital market due to failure to meet the resumption guidelines set by the exchange [1][2][12]. Summary by Sections Delisting Announcement - On August 12, 2023, China Evergrande announced its decision to delist from the Hong Kong Stock Exchange, following a letter from the exchange indicating that the company failed to meet any of the resumption requirements [2]. - The last trading day for the shares was August 22, 2023, with the delisting taking effect on August 25, 2023 [3]. Historical Context - China Evergrande was approved for listing in January 2008 but faced challenges due to the global financial crisis, leading to a delayed IPO until November 2009, when it became the largest private real estate company listed in Hong Kong [4]. - The company reached its peak market capitalization of HKD 414.4 billion in October 2017, making it the top global real estate firm [4]. Financial Struggles - The company adopted a high-leverage, high-debt business model, which led to significant financial difficulties starting in 2020, culminating in a liquidity crisis in 2021 [6][7]. - In December 2021, China Evergrande initiated a debt restructuring process, which faced multiple delays and challenges [7][8]. Legal and Regulatory Issues - In January 2024, the Hong Kong High Court ordered the company to enter liquidation, with appointed liquidators focusing on asset recovery for creditors [9][10]. - The company has faced legal actions against its former executives for alleged financial misconduct, including fraud and misrepresentation of financial statements [11][12]. Current Status - As of December 2023, the company has not disclosed a new debt restructuring plan, and its stock has been suspended from trading, reflecting a dramatic decline in market value from its peak [9][10].

碧桂园同时表示，已获得持有大量现有债务的债权人大力支持，公司正与项目小组及协调委员会就正式 文件紧密合作，力争在2025年年底前完成建议重组。公告透露，超过77%的现有美元票据持有人及Ever Credit双边贷款下的现有贷款人已签署重组支持协议。 近日，碧桂园发布公告，公司就境外债务重组建议已与银行协调委员会协定主要条款，协调委员会占现 有银团贷款本金总额的49%，其成员已加入重组支持协议，或正履行内部程序以取得加入批准。 智通财经APP获悉，8月22日，恒生指数公司宣布截至2025年6月30日之恒生指数系列季度检讨结果，其 中 碧桂园(02007)获纳入恒生综合指数，变动将于9月5日(星期五)收市后实施并于9月8日(星期一)起生 效，届时沪深交易所会相应调整港股通可投资标的范围。据华泰证券研报， 碧桂园有可能被调入港股 通，因其满足了包括市值、流动性和上市时间等在内的一系列标准。 ...

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。 – 1 – 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並非亦不構成在美國或在根 據其證券法進行登記或取得資格前要約購買或出售任何證券或招攬購買或出售任何證券的要約或銷售任何 證券即屬違法的任何其他司法權區進行該等要約或招攬的任何部份。本公告所述的證券並未亦不會根據 1933年美國證券法登記，在未經登記或獲豁免登記的情況下不得在美國境內發售、出售或以其他方式轉讓。 在美國公開發售的任何證券均將透過售股章程進行，售股章程可從本公司獲得，其中包含有關本公司及管理 層的詳細資料以及財務報表。本公司無意在美國登記本公告所述任何發售的任何部份。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2007） 境外債務重組的重大進展 及 修訂重組支持協議 本公告乃由碧桂園控股有限公司（「本公司」， ...

Group 1 - Chengdu's housing rental payment system allows eligible tenants to apply for direct payment of rent using housing provident fund through the "Tianfu Citizen Cloud" app, easing financial pressure on new residents and young people [1] - The initiative aims to enhance the efficiency of provident fund usage and encourage more individuals to rent affordable housing through formal channels, contributing to the improvement of the housing security system [1] Group 2 - Shimao Group announced that its offshore debt restructuring will take effect on July 21, with all conditions expected to be met by that date, significantly reducing debt scale and alleviating financial pressure [2] - This restructuring is seen as a positive signal for potential domestic debt extensions or restructurings, helping the company return to a stable operational track [2] Group 3 - Chengjian Development elected Qi Zhanfeng as chairman, bringing extensive financial and management experience, which is expected to provide new perspectives for the company [3] - The adjustment of the board's specialized committees aims to optimize structure and enhance decision-making effectiveness, beneficial for navigating complex market environments [3] Group 4 - Yunnan Urban Investment announced the completion of equity transfers for its major asset sale, with nine companies having completed business registration changes, while two remain pending [4] - This move is anticipated to optimize the company's asset structure and alleviate financial pressure, allowing a focus on core business and enhancing competitiveness in the real estate market [4] Group 5 - Huazhen Hotel faced a first-instance loss in a lawsuit involving over 20 million yuan, with the court ruling requiring payment of construction fees and interest, indicating potential vulnerabilities in project cooperation and contract execution [5] - If the ruling is upheld, it may impact the company's financial status, necessitating a review of business management and risk prevention measures to avoid further disputes affecting profits and reputation [5]

Core Viewpoint - Country Garden is extending the deadline for the offshore debt restructuring support agreement for the third time, aiming to complete the restructuring within the year [1] Group 1: Debt Restructuring Details - The company has announced the extension of the consent fee deadline for the offshore debt restructuring support agreement [1] - The total principal amount involved in Country Garden's offshore debt restructuring is $14.074 billion [1] - The company intends to expedite the restructuring process and hopes to complete it by December 31, 2025 [1] Group 2: Stakeholder Involvement - Many creditors have not yet joined the restructuring support agreement, but they support the proposed restructuring [1] - These creditors are currently undergoing their internal approval processes before formally joining the restructuring support agreement [1]

Core Viewpoint - CIFI Holdings Group has announced a restructuring plan involving perpetual securities and convertible bonds, aiming to change the trustee and governing law from UK to Hong Kong law, which has been approved by the necessary majority of bondholders [1][2][3] Group 1: Restructuring Details - The first and second special resolutions regarding the replacement of the trustee and proposed amendments have been formally passed during the consent solicitation meetings held on June 3, 2025 [1][2] - A total of 1,250 bondholders, representing $7.933 billion in voting plan debts, participated in the plan meeting, with 1,236 bondholders voting in favor, accounting for approximately 92.66% of the total voting value [3] Group 2: Financial Implications - The proposed restructuring is expected to reduce the group's offshore debt by approximately $5.27 billion, which represents about 66% of the total voting plan debts [4] - The restructuring aims to alleviate liquidity pressure and provide a sustainable capital structure, creating long-term value for all stakeholders [4] Group 3: Future Steps - The company plans to seek court approval for the restructuring, with a hearing scheduled for June 26, 2025 [4]

Group 1 - Country Garden's liquidation hearing has been postponed to August 11 to allow more time for overseas debt restructuring [1] - The restructuring plan involves a total debt amount of $14.074 billion [1] - The company aims to expedite the restructuring process and hopes to complete it by December 31, 2025 [1]

Core Viewpoint - CIFI Holdings has expressed a strong commitment to restructuring and future growth, focusing on a "low debt, light asset, high quality" development strategy after acknowledging past risks during rapid expansion [1][2] Group 1: Restructuring Progress - The company has been undergoing an overseas debt restructuring for nearly 900 days, with significant adjustments made to the plan, reflecting the challenges faced [1] - CIFI Holdings aims to reduce its credit debt by over 50% to within 30 billion yuan after completing both domestic and overseas restructuring [2] - The restructuring is expected to enhance the company's overall net debt ratio and optimize its debt structure, leading to a healthier capital structure [2] Group 2: Business Strategy - The company will focus on three core business segments: stable growth in commercial real estate holdings, development in key cities, and growth in real estate asset management [1] - CIFI Holdings has a post-equity value of approximately 130 billion yuan, primarily located in major cities such as Beijing, Guangzhou, and Chengdu [2] - The company holds about 46 billion yuan in property assets, expected to generate nearly 1.8 billion yuan in rental income in 2024 [2] Group 3: Market Environment - The real estate industry is currently in a deep adjustment phase, with asset quality and cash flow stability being crucial for market confidence [2] - Recent stabilization in property sales in core cities like Shanghai and Beijing is seen as a favorable external environment for companies with land reserves in these areas, potentially aiding CIFI Holdings' credit recovery post-restructuring [3]

债权人每获得分配100美元本金的新强制可转换债券，其中将有约23美元的新强制可转换债券发行予主要股东或其指定方，在满足约定的归属条件 后，该部分新强制可转换债券转换成的股票将释放给主要股东或其指定方。主要股东享有受限股票的投票权等有限的权利，且在重组生效日期起6年 内不得处置、抵押、转让该等受限股票以换取经济利益，除非达到特定限制条件。 4月17日晚间，融创中国发布境外债务重组进展。截至4月17日收盘，融创中国股价报1.58港元/股。 01 融创第二次境外债重组：总规模约95.5亿美元债全额转股权 公告显示，融创中国针对总规模约95.5亿美元的境外债务重组，采用"全额债权转股权"模式。 具体来看，公司向债权人分派两种新强制可转债（新MCB），一类将获分配转股价6.80港元/股的新MCB，可在重组生效日起转股；另一类将获分配 转股价3.85港元/股的新MCB，可在重组后18—30个月内转股，该类总量不超过债权总额的25%。 2024财年现金储备不抵借贷款额，境外债券存续余额为74.45亿美元 融创中国在公告中提到了股权结构稳定计划。为维持股权结构稳定，使主要股东（即孙宏斌）能够持续为集团的保交付、债务风险化解及 ...