区别于此前行业大多数房企普遍采用的境内债展期策略，融创在境内债的化解上，首次拿出了整体重组 的创新方案，提供了现金要约收购、股票经济收益权兑付、以资抵债、留债展期四大"菜单式"选项，受 到债权人欢迎。目前重组方案已进入落地执行阶段，预计将为融创削减近70%的境内公开债。 融创的境外债重组方案，则采用的是全额债权转股权方式，彻底解决境外债风险，还未占用境内任何资 金和资源，同步解决了股权结构和团队稳定问题，实现多方共赢。自重组方案公布，到顺利争取到超 75%债权人支持，仅用时两个月的时间。 2025年是房地产的关键年，一方面，从中央到地方频频释放稳楼市的积极信号，行业"止跌回稳"态势日 渐清晰；另一方面，7月70城新房房价仅6城上涨，市场仍然处在深度筑底期，信心修复需要时间，企业 经营面临重要考验。 同在逆境之中，那些走在自救和恢复前列、率先破局的房企，无疑更值得关注和期许。他们展现出不躺 平、积极努力的韧性，往往也积蓄着更充沛的回暖力量，更有机会在行业恢复后率先走出困境，成为行 业可借鉴的鲜活样板。 融创就是这样的一个典型房企，在上半年贡献出多个行业标志性事件：第一个实现境内债整体重组并落 地执行；境外债重组 ...

中指研究院发文称，截至2025年8月，20家出险房企债务重组、重整获批，化债总规模超过12000亿元人 民币。市场深度冲击，房企经营受到较大影响，2022年至今已有27家上市房企被动退市，另有几家房企 私有化退市。出于主动转型和被动保壳的需要，多家上市企业剥离房地产开发业务，退出房地产业务或 转型轻资产。 （文章来源：第一财经） ...

Policy News - Guangzhou plans to implement prefabricated construction for all new residential land sales starting in 2026, aiming for 80% of new building area to be prefabricated by 2030, with a total industrial output value exceeding 500 billion yuan [1] - Shenyang has approved six housing provident fund optimization measures to boost housing consumption, including extending the minimum 15% down payment discount until the end of 2025 and increasing loan limits for high-quality residential purchases [1] - Qingdao has announced new housing provident fund policies, allowing a maximum loan of 1.7 million yuan for couples and 1.1 million yuan for individuals, with adjustments to repayment ability coefficients [2] Market News - Beijing's land auction concluded for the first half of 2025, with a total of 22 residential land parcels sold for approximately 100.56 billion yuan, including a plot in Fengtai district sold for 2.08 billion yuan [3] - Hangzhou's land auction for the first half of 2025 saw a total transaction amount exceeding 116 billion yuan, with an average premium rate of 30.5% [4] - Nanjing's final residential land sale for the first half of 2025 was completed after 56 bidding rounds, with a total price of 1.028 billion yuan and a floor price of 15,717 yuan per square meter [5] Real Estate Company News - Over ten real estate companies, including Kaisa and Sunac, have received approval for debt restructuring, indicating a shift towards refinancing and restructuring as the industry moves past its debt peak [6] - Vanke reported that it has completed approximately 19.7 billion yuan in domestic and overseas bond repayments in 2024, with over 16 billion yuan repaid in 2025, supported by significant financing from its major shareholder [6] - China Overseas Land has announced plans to raise over 1.355 billion yuan through a public REIT for its shopping center project in Foshan, Guangdong [8]