Group 1 - Times China Holdings Limited has met multiple conditions for its debt restructuring plan, which has been approved by the Hong Kong High Court [2][3] - The company reported a cumulative contract sales amount of approximately 3.202 billion yuan for the first seven months of 2025 [2][6] - The company faces a winding-up hearing on August 11 and still needs to address its domestic debt restructuring [2][4] Group 2 - The debt restructuring process for Times China took about a year, with significant milestones reached in June and November 2024 [4][5] - The restructuring plan includes various debt instruments such as short-term, medium-term, and long-term notes, as well as mandatory convertible bonds [5] - A high percentage of creditors voted in favor of the restructuring plan, with 97.5% of attending creditors supporting it [5] Group 3 - The restructuring of Times China reflects a broader trend among distressed real estate companies in China, with several firms like Longfor Group and Shimao Group also completing their debt restructurings [7] - The preference for debt-to-equity swaps over simple extensions indicates a shift in strategy among distressed firms to reduce debt levels [7][8] - Analysts suggest that successful restructuring does not guarantee recovery, as companies still need to improve their operational performance to avoid further defaults [8]