年产1300万桶石油的刚果(布)佳柔油田顺利复工复产，1100余人的就业岗位得以保留，这是我国首例直 接涉及共建"一带一路"项目企业实质合并重整成功的案例，由中国中信金融资产(以下简称"中信金融资 产")实施的南方石化破产重整的典型案例。 中信金融资产有关负责人表示，从传统资产包到主动定制化方案，从清算僵局到合并重整突破，从共益 债输血到产业链盘活，这起横跨亚非大陆、涉及近200亿元债权和上百名债权人的复杂案例，因中信金 融资产创新设计的"三步走"路线，探索出一条困境资产价值再造的新路径，更以实践印证了"破产重整 不是企业终点，而是产业新生起点"。 定制化策略从"存量分配"到"增量创造" "救治生病企业，并非简单切除。"中信金融资产广东分公司项目负责人表示，他们主动与法院、破产管 理人、各债权人及债务人进行深入沟通，反复论证分析，推动形成各方认可的重整方案。 在案件审理过程中，南方石化集团与9家关联公司法人人格高度混同。2023年10月，管理人向广州中院 申请将南方石化集团等10家公司实质合并重整。广州中院审查后认为，合并重整合法且有利于债权人利 益，于2024年3月裁定合并重整。这意味着分散在10家公司的资 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry and non-bank financials [1]. Core Insights - The report highlights the active involvement of Asset Management Companies (AMCs) in revitalizing the real estate sector, emphasizing the need for collaborative efforts in government empowerment, management restructuring, and the introduction of partners [3][12]. - It notes that since the second half of 2021, high-leverage real estate companies have faced debt defaults, prompting regulatory encouragement for banks and AMCs to engage in "ensuring delivery and stabilizing livelihoods" initiatives [3][12]. - The report discusses the acceleration of debt restructuring among distressed real estate firms, with a trend towards high debt reduction and various measures being adopted [3][52]. Summary by Sections AMC Involvement in Real Estate Revitalization - AMCs have been encouraged to participate in real estate revitalization, with the establishment of real estate relief funds led by local governments and AMCs [3][15]. - The People's Bank of China set up a special re-lending facility of 800 billion for real estate companies, targeting five major AMCs [3][15]. - China Cinda has been particularly proactive, establishing a 200 billion fund for revitalizing distressed real estate assets [3][15]. Common Financing Tools and Business Models - Common financing tools include "beneficial debt," which is used to support distressed companies during bankruptcy restructuring [31][32]. - The report outlines the operational models of AMCs, which often involve debt restructuring, introducing investors, and financing construction [3][16]. Progress in Debt Restructuring of Distressed Firms - The report indicates that debt restructuring for distressed firms is progressing, with domestic restructuring primarily focused on extending repayment periods [3][52]. - It highlights that international debt restructuring is more diverse, involving debt reduction, debt-to-equity swaps, and other measures [3][52]. - The report notes that the willingness of creditors to accept significant debt reductions is increasing, reflecting a more pragmatic approach [3][62]. Investment Recommendations - The report suggests that the market-oriented relief efforts encouraged by policies are crucial for AMCs to accelerate their involvement in the distressed asset sector [3][52]. - It emphasizes the importance of focusing on high-quality projects with temporary liquidity issues that are expected to be profitable [3][52].