Core Viewpoint - Sun Hongbin, the chairman of Sunac China, has publicly appeared for the first time in two years, expressing optimism about the company's debt restructuring progress and future development direction, claiming that the most difficult times are over for Sunac [2][15]. Debt Restructuring Progress - Sunac has achieved significant progress in debt restructuring, with 75% of the holders of its offshore debt agreeing to a restructuring support agreement, potentially allowing for the clearance of 68 billion RMB in debt [3][7]. - The total scale of Sunac's offshore debt is approximately 9.55 billion USD, equivalent to 680 billion RMB [7]. - The restructuring plan involves converting debt into equity, effectively turning creditors into shareholders, which could lead to a substantial reduction in debt [8]. - The restructuring process has been relatively smooth, with the agreement from 75% of creditors reached within two months [9]. Financial Strategy and Control - To prevent excessive dilution of equity post-debt-to-equity conversion, Sun Hongbin proposed a "stable equity structure" plan, ensuring that a portion of the newly issued shares will be allocated to him, with restrictions on their transfer for six years [10][11]. - Since April, Sunac has secured approximately 4.1 billion RMB in loan extensions from other lenders [12]. Sales and Project Management - Sunac's land reserves are concentrated in first- and second-tier cities, with some projects performing strongly, such as the Shanghai One Number Courtyard, which sold over 17 billion RMB in the first half of the year [16]. - The company has initiated a project-by-project approach to debt restructuring and asset revitalization, with significant sales figures reported for various projects [18][19]. Future Development Plans - Sun Hongbin indicated a shift in strategy, focusing on fewer cities and improving product quality, with a remaining land reserve of 1.27 million square meters as of the end of last year [25]. - The company expects to deliver 60,000 units this year, significantly lower than the previous year, and has received substantial financing support from the government [26]. - To stabilize the team, Sunac plans to issue new shares to core employees as part of a compensation strategy [27]. New Business Initiatives - A new capital platform named "Now Capital" has been established to explore opportunities in the distressed asset market, indicating a strategic pivot towards asset revitalization [30][31].