Core Viewpoint - The debt restructuring and reorganization process among real estate companies has significantly accelerated, with multiple firms disclosing their restructuring progress, indicating a shift towards substantial implementation of risk mitigation strategies in the industry [2][3][4]. Group 1: Debt Restructuring Progress - Companies such as *ST Jinke, Times China Holdings, and Longguang Group have reported advancements in their restructuring efforts, including approvals for overseas and domestic debt plans [2][3]. - As of June 25, over ten real estate companies, including Sunac, R&F, and Jinke, have received approval for debt restructuring or reorganization [2][4]. - The restructuring process is characterized by a diverse range of methods, standardized procedures, balanced interests, and policy coordination [5][6]. Group 2: Specific Company Updates - *ST Jinke has entered the execution phase of its restructuring plan, with a total of 2.628 billion yuan in investment funds received [3]. - Times China Holdings has received approval from the majority of its plan creditors for its debt restructuring plan, with a total of 29.05 billion USD in voting creditors [3]. - Longguang Group announced that its restructuring plan for 21 domestic bonds has been approved by relevant bondholders, with various options for principal and interest repayment [4]. Group 3: New Characteristics of Restructuring - The restructuring methods have diversified, including debt swaps, debt-to-equity conversions, and asset sales, with some companies employing combinations of repayment methods [5][6]. - The "early bird consent fee" mechanism has emerged as an innovative approach to expedite restructuring, providing incentives for creditors to agree to plans [6][7]. - The current market conditions, including stable housing prices, are favorable for enhancing asset valuations, which can facilitate the implementation of restructuring plans [7].