Core Viewpoint - Greenland Holdings is actively engaging in a debt buyback strategy to manage its outstanding USD bonds, demonstrating a significant commitment to reducing its debt burden [1][2]. Debt Buyback Details - Greenland plans to repurchase USD bonds totaling approximately $13.4 billion, which represents 40% of its total outstanding offshore debt of $34 billion [1]. - The company intends to execute the buyback at about 20% of the market price, amounting to an expenditure of approximately $2.68 billion, equivalent to around 19 billion RMB [1][2]. - The buyback will significantly reduce actual debt by over $10 billion, effectively cutting the debt burden by 80% for this portion [2]. Specific Bond Repurchase Proportions - The repurchase proportions for the nine USD bonds are as follows: - $130 million for the bond maturing in 2028.6, representing 29.52% - $130 million for the bond maturing in 2028.11, representing 38.72% - $7.59 million for the bond maturing in 2028.12, representing 25.78% - $120 million for the bond maturing in 2029.2, representing 41.14% - $184 million for the bond maturing in 2029.4, representing 47.08% - $247 million for the bond maturing in 2029.9, representing 44.73% - $51 million for the bond maturing in 2030.3, representing 14.6% - $104 million for the bond maturing in 2031.1, representing 38.09% - $340 million for the secured bond in 2030, representing 51.45% [3]. Voting Outcomes and Future Steps - Six out of the nine bonds received creditor approval for the buyback, while two did not pass, and one is pending due to insufficient votes [1][4]. - For the bonds that passed, if the remaining amount falls below 33% of the total after the buyback, Greenland can redeem them at 19% of their face value [3]. - The bond maturing in 2028.12 is expected to pass in the delayed vote, as it has already received 25.78% acceptance [3]. Potential Scenarios for Non-Approved Bonds - Creditors may either form a coalition to oppose Greenland's buyback efforts or may choose to accept the buyback, which could weaken their resolve [5][6]. - Historical cases suggest that time tends to favor the debtor rather than the creditor in such situations [6].

Core Viewpoint - Greenland has proposed a new debt restructuring plan for its offshore US dollar bonds, marking a significant shift from previous attempts that lacked sincerity and feasibility [2][4][7]. Group 1: Debt Restructuring Plan - This is Greenland's fourth extension of its offshore dollar bonds, and the new plan appears to be a more straightforward and effective approach compared to previous strategies [3][4]. - The core of the new plan involves modifying the redemption terms of the dollar bonds, allowing Greenland to redeem bonds at 19% of face value if the outstanding amount falls below 33% of the total at the time of the announcement [4][10]. - The plan includes a 1% consent fee, making the redemption price align with the current market price of Greenland's dollar bonds [4][6]. Group 2: Financial Implications - The proposed plan could potentially reduce the outstanding amount of approximately $3.4 billion in nine dollar bonds by 50% to 80% if creditors agree [10]. - Greenland's ability to offer a cash recovery rate close to 20% is rare among real estate companies dealing with offshore bonds [6]. Group 3: Creditor Engagement - The threshold for creditor approval is relatively low, requiring only 66% of bondholders by face value to attend the first meeting, with a minimum of 50% voting in favor for the plan to pass [11]. - If the first meeting does not meet the requirements, a second meeting can be held with even lower thresholds, allowing for a potential approval with just 16.5% of the total amount [12]. Group 4: Strategic Intent - The restructuring plan is seen as an urgent measure to address a potential default on interest payments due on July 31 [10]. - Greenland aims to demonstrate its commitment to resolving its debt issues and to set a precedent for other state-owned real estate companies [9][8].