(文/解红娟 编辑/张广凯） 作为首家完成境内债与境外债重组流程的头部房企，融创的债务风险已在法律和金融层面实现阶段性出 清。 12月23日晚间，融创中国公告宣布，全面境外债务重组的所有先决条件均已达成，重组生效日期已于 2025年12月23日落实。公告披露，公司约96亿美元的现有债务已获全面解除及免除，作为代价，融创中 国根据计划条款于重组生效日期向计划债权人发行强制可转换债券1及强制可转换债券2。 融创中国在公告中表示："谨此对债权人及相关各方一直以来的大力支持和帮助致以最衷心的感谢。全 面境外债务重组的完成彻底化解了公司的债务风险，实现了可持续的资本结构，并通过股权结构稳定计 划和团队稳定计划进一步巩固了各方对集团的信心，有助于未来更好地推动境内地产项目债务风险化解 和资产盘活等各项工作，支持本集团地产开发板块长期的信用和经营逐步恢复。" 晶捷品牌咨询创始人、品牌战略专家陈晶晶指出，此次重组中，融创通过强制可转债等结构性安排实现 旧债法律解除，避免风险长期悬而未决；其处理方式与以展期为主的境内债务形成区分，体现了灵活、 市场化的特征，有望为房企债务处置提供可参考的范式，推动行业风险进一步出清。 96亿美 ...

Group 1 - The real estate market is transitioning towards a phase that balances both incremental and stock development, with ongoing policy effectiveness in stabilizing the market [1] - There is a noticeable differentiation in the real estate market, with active transactions in several major and medium-sized cities, showing a year-on-year increase in total transactions from January to November [1] - The decline in housing prices is narrowing, with new residential prices in 70 major cities decreasing by 3.6 percentage points and second-hand residential prices by 3.5 percentage points compared to the same period in 2024 [1] Group 2 - The decline in development investment should be viewed rationally, as the real estate market has entered a phase of basic supply-demand balance, with reduced supply of new residential properties [2] - The "white list" system for real estate financing continues to play a positive role, providing funding support for eligible projects and becoming a key part of the new development model [2] - Progress in debt resolution for real estate companies is being made, with a reduction in the number of new distressed companies and significant advancements in debt restructuring [2] Group 3 - The real estate industry is committed to high-quality, connotative development, with numerous new opportunities and values emerging during the transition towards a healthier market [3]

Core Insights - The real estate market is transitioning towards a phase that balances both incremental and stock developments, with ongoing policy effectiveness in stabilizing the market [1][2][3] Group 1: Market Trends - The real estate market is experiencing increasing differentiation, with active transactions in several major and medium-sized cities. From January to November this year, cities like Xiamen, Guiyang, Wuhan, and Shenzhen saw year-on-year growth in total transactions of new and second-hand homes [1] - The proportion of second-hand home transactions has been gradually increasing, indicating that the decline in new home transaction volume does not equate to a stagnant real estate market. Both new and second-hand homes have their unique attractions [1] - The decline in housing prices is narrowing. In October, the price drop for new and second-hand residential properties in 70 major and medium-sized cities decreased by 3.6 and 3.5 percentage points, respectively, compared to the same period in 2024 [1] Group 2: Investment and Financing - The decline in development investment should be viewed rationally, as the real estate market has entered a phase of basic supply-demand balance. The reduction in new residential supply is a positive response to strict control measures and a result of market self-adjustment [2] - The "white list" system for real estate financing continues to play a positive role, providing funding support for eligible projects and becoming a normalized management system in the real estate development framework [2] - Progress in debt resolution among real estate companies is notable, with a decrease in the number of new distressed firms and significant advancements in debt restructuring through various methods, indicating a gradual clearing of industry risks [2] Group 3: Future Outlook - The real estate industry is committed to pursuing an intrinsic, high-quality development path, with ample new opportunities and value in the process of transformation and upgrading [3]

Core Viewpoint - The article presents a comprehensive overview of the real estate industry, focusing on the trends, challenges, and opportunities for real estate companies in 2025, emphasizing the need for strategic adjustments and innovative approaches to navigate the evolving market landscape [2][8][12]. Group 1: Research Center Overview - The research center offers a systematic intelligence customization solution for real estate companies, providing insights into macro research, market analysis, corporate governance, project benchmarking, marketing cases, product cases, operational models, in-depth company studies, financing, and profit models [2][4]. - Each year, the center provides ten categories and fifty specialized topics for companies to choose from, allowing for tailored research based on specific needs [2][4]. Group 2: 2025 Specialized Topics - The 2025 specialized topics include analyses of real estate debt restructuring, investment prospects, and market trends, highlighting the need for targeted policies to enhance the effectiveness of special bonds and manage risks [6][7][8]. - The report indicates that the real estate investment outlook for 2025 has expanded to cover 297 cities, incorporating new indicators and updated data to refine market forecasts [8]. - The analysis of high-end residential sales trends reveals that luxury properties are performing well, particularly in cities like Shanghai, where demand remains strong despite market fluctuations [9]. Group 3: Financial Trends and Challenges - The financial landscape for real estate companies shows a significant contraction in operational cash flow, with a 16.8% decrease noted for non-state-owned enterprises, indicating a pressing need for companies to enhance their competitive edge and transition effectively [12][20]. - The report highlights that 72% of real estate companies are experiencing net profit losses, with the industry’s gross profit margin declining to 10% [19][20]. Group 4: Market Dynamics and Policy Implications - The article discusses the impact of new housing regulations on product development, shifting the focus from merely increasing usable space to optimizing living scenarios and enhancing service offerings [16]. - It emphasizes the importance of maintaining a stable market through continuous policy support, with a focus on risk mitigation and market stabilization efforts [26][77]. Group 5: Inventory and Supply Analysis - The inventory levels in key cities have reached a critical low, with certain urban areas facing severe supply constraints, necessitating strategic planning for land acquisition and development [18][20]. - The report indicates that the overall market is stabilizing, with a notable increase in second-hand housing transactions, which are seen as leading indicators for new housing market recovery [23][24].

Group 1: Financing Trends - The financing scale for real estate companies in the first half of the year was 184.4 billion yuan, a year-on-year decrease of 30% [1] - In Q2, financing reached 100.4 billion yuan, a quarter-on-quarter increase of 19% but a year-on-year decrease of 25% [1] - Despite marginal improvements in financing support policies, the financing situation remains severe, particularly for private real estate companies [1][3] Group 2: Domestic and International Debt - The cost of domestic bond financing decreased to 2.71% in the first half of the year, down 0.2 percentage points from the previous year [4][7] - In contrast, the cost of overseas debt financing remains high, with rates around 8.60% for the first half of 2025 [3][4] - The average financing cost for real estate companies has increased, with New City Development's overseas bond issued at an 11.88% interest rate [3] Group 3: Debt Maturity and Repayment Pressure - The total bond maturity for real estate companies in 2024 is projected to be 482.9 billion yuan, while the issuance scale is only 220.9 billion yuan [13] - The debt pressure is expected to increase in 2025, with maturing debts reaching 532.7 billion yuan [13][16] - The third quarter of this year is anticipated to be a peak period for debt repayment, with approximately 160 billion yuan due [13] Group 4: Alternative Financing Strategies - Real estate companies are exploring various liquidity-boosting strategies, including asset sales and debt restructuring [16][18] - For instance, Aoyuan Group sold a stake in a subsidiary for 191 million yuan to repay debts [16] - The industry is also seeing significant progress in debt restructuring, with several companies completing judicial reorganization [18] Group 5: Policy and Market Outlook - The urban real estate financing coordination mechanism has been accelerated, with over 670 billion yuan approved for loans [17] - The government plans to issue 440 billion yuan in special bonds to support real estate development and debt repayment [17] - The industry is encouraged to explore new sustainable development models, with urban renewal being a key focus area [18][19]