距离上次公布整体境内债重组方案仅过去3个月，6月20日，龙光再次优化债券重组方案，为21笔公司债 券及资产支持证券持有人提供重组方案。 相较于原方案，龙光经调整优化后的债券重组方案充分考虑不同类型投资人的诉求，更加突出了多元 化、自愿性和公平性原则，为重组提供更多资源支持。 有投资人透露，自今年3月重组议案公布以来，龙光与投资人保持密切沟通，认真听取市场反馈，并结 合投资人诉求，全力以赴筹措资源，目前，龙光与投资人就调整优化后的重组方案沟通进展顺利，获得 较为积极的市场反响。 有业内人士表示，结合市场情况及公司实际情况，龙光以最大的诚意和务实的态度，对方案各选项均进 行了全面优化调整，尽可能满足不同类型投资人的诉求，最终形成现有重组方案，进一步为投资人扩充 偿债来源。 在这一轮房企化债浪潮中，随着政策的持续优化调整，房企债务重组进程也正释放积极信号，多家房企 债务重组节奏明显加快，在这样的背景下，龙光此次公布优化的境内债券及资产支持证券重组议案，迅 速引发了业内广泛关注。 中国企业资本联盟中国区首席经济学家柏文喜认为，龙光调整优化债券重组方案，呈现出诸多亮点和创 新，值得行业学习借鉴。 房企债务重组捷报频传， ...

Core Viewpoint - The ongoing optimization of policies has led to a significant acceleration in debt restructuring among real estate companies, with Longguang Holdings making notable progress in its restructuring efforts [1] Group 1: Debt Restructuring Progress - Longguang announced a restructuring proposal for 21 corporate bonds and asset-backed securities, maintaining close communication with investors since the initial proposal in March [1][2] - The company has optimized its restructuring plan based on market feedback, addressing three core investor demands: the introduction of a repurchase option, clearer asset listings for debt settlement, and a flexible model for small investors [1][2] Group 2: Restructuring Options - The optimized restructuring plan includes five options: full conversion to specific assets, asset-for-debt swaps, cash repurchase, debt-to-equity swaps, and full debt retention, catering to various investor risk preferences [2][5] - The full conversion option allows for debt to be converted into trust assets without principal reduction, backed by the Shanghai Lingang commercial project, which is set to open soon [2][3] - The cash repurchase price has been increased from 15% to 18%, with a mechanism for asset sales to enhance liquidity and certainty for investors [3][5] Group 3: Investor Engagement and Flexibility - The restructuring plan emphasizes diversity, voluntariness, and fairness, allowing investors to choose from multiple options without being forced into any specific choice [5][6] - The asset-for-debt swap has improved the exchange ratio from 100:25 to 100:35, including cash, and introduces a trust mechanism to facilitate participation from small investors [3][5] - The debt-to-equity swap involves a targeted issuance of 530 million shares at a price of 6 HKD per share, with a supplementary issuance clause to enhance investor confidence [3][6] Group 4: Market Confidence and Industry Implications - Longguang's restructuring plan reflects a responsible approach to rebuilding market confidence and addressing investor needs amid a challenging real estate market [5][6] - The company's innovative options and higher asset exchange ratios demonstrate a commitment to investor interests, potentially serving as a model for other companies facing similar debt challenges [6]

龙光债券重组方案诚意十足 在当前异常艰难的经营环境下，龙光克服重重困难，进一步为投资人扩充偿债来源，提供更多偿付保 障。 一方面，公司从境外筹集了宝贵的5亿现金资源和龙光集团（3380.HK）股票资源，用于支持本次境内 重组方案。公司计划增发5.3亿股股票，为境内投资人提供了至关重要的重组资源补充。 另一方面，此前展期中，龙光为境内债券提供了29项增信资产，此次按照开发阶段属性将该29项原增信 资产分门别类，匹配资产属性和不同重组选项，将全部用于本次重组，最大限度盘活增信资产，满足全 体投资人诉求。 公司核心团队在逆境中积极作为、勇于担当。自出现流动性问题以来，龙光始终尽全力 "保交房、稳经 营"，积极推进各项工作，在过去三年间累计完成约14.3万套交付任务，为本次债券重组提供了坚实的 基础和保障。 包括上述29项增信资产在内，龙光为本次境内债券重组筹集了现金、股票及资产等各类资源，这一系列 努力背后，体现了龙光化解债务风险的坚定决心。 吸纳投资人建议 随着政策持续优化调整，近期房企债务重组持续释放积极信号，融创、碧桂园、旭辉、龙光、远洋等多 家房企债务重组节奏明显加快，取得重要突破。 6月20日，深圳市龙光 ...