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].

最近体力不支。结果看完绿地的境外化债方案，整个人都精神了。 朋友们，还记得绿地吗？ 在过去三年里，它的境外美元债券已经展期三次了。结论就是认为方案不现实也没诚意，应该被打八十 大板的那种。 BUT，这次，也就是它的第四次展期（债务管理），画风变了。 绿地，居然支棱起来了。 这次，它掏出了一个初步看着能解决问题的方案，不再是之前行业里普遍流行的那种为了拖而拖的耍流 氓套路。 这次的方案非常简单粗暴，更没有什么复杂的弯弯绕绕，核心就一条，修改美元债券的赎回条款：未 来，债券未兑付的数量，一旦低于本次方案公布时33%的数量，绿地有主动权（不是义务），可以按照 19%的面值价格，对债券进行赎回。 这是一个非常巧妙的设定。加上这次方案给的1%同意费，赎回价是面值打两折，恰好就是绿地目前美 元债券的市场价。 另一方面，绿地等于官宣了债券的价格锚点，也给自己留足了时间。日后一旦存续债券的金额量降到 33%以下就能行使赎回权。 这年头，能在境外债券上给出接近两成现金回收率的房企，属于凤毛麟角，比大熊猫还稀罕。 讲真，看到绿地方案的时候，路数都不敢相信，一度怀疑自己看错了。但不得不承认： 绿地的化债诚意，终于到来了。 绿地终于 ...