Core Viewpoint - The company aims to complete its debt restructuring and ensure the delivery of properties within the year, with the domestic debt restructuring being the final challenge before it can pursue a new strategic direction [1][2]. Debt Restructuring - In early August, the company announced a framework for domestic debt restructuring, which includes options such as cash buyback, stock economic rights, asset debt settlement, and long-term debt retention [2][4]. - The formal restructuring plan is expected to be announced around August 15, with a bondholder meeting scheduled for September to vote on the proposal, aiming for completion by the end of the year [2][6]. - The company has faced liquidity issues since the second half of 2022, leading to a cautious approach in formulating the domestic debt restructuring plan, balancing its repayment capabilities with investor acceptance [6][14]. Business Strategy - The company has adopted a "light and heavy combination" strategy, focusing on heavy asset development while also shifting part of its focus to light asset businesses such as construction and operation [8][10]. - By 2025, the light asset business is expected to become one of the company's main operations, aiming to rank among the top 10 in the construction industry [10]. Asset Disposal - Since late 2022, the company has engaged in significant asset disposal to raise funds and avoid defaults, selling stakes in various properties for over 10 billion yuan [13][14]. - As of the end of 2024, the company had interest-bearing liabilities of 96 billion yuan, with two-thirds being short-term debt, indicating a critical need for debt reduction [14]. Future Outlook - If the domestic debt restructuring proceeds smoothly, the company anticipates completing its debt resolution by 2026, positioning itself as one of the first real estate firms to recover [14]. - The company sees potential for growth in the light asset sector, leveraging its diverse operations and support from major insurance companies for funding and asset management [14][15].

经济观察报 记者 田国宝 8月初，远洋集团控股有限公司（下称"远洋"，03377.HK）公布了境内债重组框架方案，包含现金回 购、股票经济收益权、资产抵债和长期留债四种选项，覆盖境内存续公司债及银行间定向债务融资工 具。 远洋方面透露，正式的重组方案预计于8月15日前后公布，9月召开债券持有人会议对方案进行投票，力 争年内完成境内债重组。2025年3月，远洋的境外债重组方案已获持有人投票通过。 2022年下半年，远洋出现流动性困难。2023年下半年，远洋管理层确定了"轻重结合"的发展策略，即以 重资产开发为主业，辅以轻资产业务。2025年，远洋将轻资产业务提升为主业之一。 一位远洋人士向经济观察报表示，远洋的保交楼任务预计在年内可以完成，境外债重组方案已经生效， 境内债重组是最后一道难关了。希望在完成化债和保交楼任务后，轻装上阵，尽快按照新战略方向重 生。 优先化债 8月8日，国信证券发布关于北京远洋控股集团有限公司（下称"北京远洋"）境内债券重大事项的临时受 托管理事务报告，称远洋公布的重组框架方案为初步方案，尚未最终确定，将通过债券持有人会议推进 标的债券重组。 北京远洋为远洋境内债的发行主体，国信证券为 ...