碧桂园境外债重组方案正式获批。 12 月 4 日，碧桂园的债务重组迎来了关键性转机。 当天，其规 模约 177 亿美元的境外债务重组方案获香港高等法院正式批准。 与此同时，多家房企的债务重组取得积极进展。在获得债务喘息空间之后，房企如何"轻装"再出发？ 房企由"重"向"轻" 在本轮化债浪潮中，房企普遍采用债转股、以资抵债、全额长展期等方式，核心目标是通过削债降低实际债务负担，优化资产负债表。据中指研究院统计，截至10 月30日已完成境内外债务重组的房企达21家，累计化解债务规模约1.2万亿元。与此同时，"削债"已成为重组方案的核心要素。 与早期主要侧重于"展期"不同，近期成功落地的房企债务重组方案普遍包含大幅削债安排。例如，龙光境外债重组削债比例达70%；融创境外债经过第二次重组将 全部削债。而在近日，佳兆业集团宣布向票据持有人进行同意征求，提出以发行股份代替现金支付，即"以股代息"的创新型债务管理方案。 获得债务喘息空间之后，房企加速向轻资产模式或全产业链模式转型，已成为行业共识。例如，旭辉控股在此前宣布启动"二次创业"，全面转向轻资产低负债、高 质量的新发展模式。此外，碧桂园自2021年起布局的"一体两翼 ...

Core Viewpoint - The article highlights significant breakthroughs in the offshore debt restructuring of major private real estate companies, Sunac and Country Garden, indicating a shift towards substantial debt reduction strategies in the industry [3][4]. Group 1: Debt Restructuring Achievements - On November 5, Sunac's offshore debt restructuring plan, amounting to approximately $96 billion, was approved by the Hong Kong High Court, marking a major milestone [3][4]. - Country Garden announced that its offshore debt restructuring plan was successfully passed in a creditors' meeting, with over 75% approval from the voting creditors in both debt groups [4]. - The total debt involved in Country Garden's restructuring is about $177 billion, with an expected debt reduction of approximately $117 billion, achieving a reduction ratio of around 66% [4]. Group 2: Industry Trends and Changes - The debt restructuring process for real estate companies has accelerated, with a fundamental shift from primarily extending debt terms to substantial debt reduction, with many companies reducing their offshore debts by over 50% [3][8]. - The restructuring efforts have led to significant improvements in the balance sheets of these companies, with Sunac's repayment pressure expected to decrease by nearly 60 billion RMB [5][8]. - The new debt instruments for Country Garden have reduced financing costs to between 1.0% and 2.5%, extending the repayment period to a maximum of 11.5 years, providing a crucial buffer for operational recovery [5][8]. Group 3: Future Implications for the Industry - The successful debt restructuring of major firms is expected to alleviate systemic concerns regarding private real estate companies, improving the overall credit environment in the sector [9][11]. - Companies are likely to focus on "guaranteeing delivery" and transitioning to light-asset operations, such as property management and asset management, which require less capital investment [9][10]. - The industry is shifting from incremental development to stock operation, with significant opportunities in property management and asset revitalization [9][10].