以不良资产经营为主业的金融资产管理公司，凭借专业优势，充分发挥自身独特的功能作用，助力防范 化解区域风险。 近日，中国中信金融资产安徽分公司成功实施合肥宝汇共益债项目，并完成首笔7亿元资金投放，这标 志着安徽省史上最大单体破产重整项目取得决定性进展，正式进入全面建设阶段。 《金融时报》记者了解到，中国中信金融资产持续聚焦主责主业，以共益债投资为抓手，为核心地段空 置用地与烂尾商业综合体的全面复工注入关键动力，是发挥功能作用服务地方经济发展的生动实践。 攻坚克难 当好金融稳定器 记者在采访中了解到，合肥宝汇项目原规划打造集住宅、商业综合体与超高层写字楼于一体的城市地 标，2014年取得约600亩土地使用权。此后，该项目受母公司债务影响，陷入停滞近十年，严重制约滨 湖新区城市发展，成为多方关注的沉疴难题。 面对这一复杂局面，中国中信金融资产安徽分公司发挥专业优势与功能作用，组建党员突击队全力攻 坚，抢抓时间窗口，反复与债权人、投资人、破产管理人沟通协调，逐一破解重整难题，经多次磋商达 成一致意见，最终在2024年末法院裁定批准重整计划后，确定以共益债进行纾困，展现出在化解重大风 险中的专业能力与责任担当。 在项目 ...

近期，破产重整共益债融资事件频频出现。 38家苏宁系公司获中信金融与东方资产联合体80亿元共益债驰援，定向用于4个项目的盘活及复工续 建；哪吒汽车母公司合众新能源启动1亿元共益债融资，用于维持核心生产线运营及车主售后服务等。 上述案例跨越商业地产与新能源造车赛道，共同指向一个核心命题——共益债如何成为困境企业"续 命"与"重生"的关键工具。 共益债融资频现 近日，哪吒汽车母公司合众新能源汽车股份有限公司发布共益债投资人招募公告，面向社会公开招募共 益债投资人，计划融资总额不超过1亿元。本次融资为共益债务融资，所借款项及产生的利息等费用依 法认定为债务人的共益债务。所筹资金将专项用于支付维持债务人核心业务继续运营的必要开支(如水 电费、基础运维人员工资等)，支付对债务人核心生产线设备等的维护、修缮及保值增值费用，以及为 储存机器设备、生产、售后物资所需的仓库租金、物业费等。 同时，38家苏宁系公司的共益债融资也有了新进展。中信金融资产管理股份有限公司江苏省分公司与中 国东方资产管理股份有限公司江苏省分公司拟组成联合体，提供最高80亿元共益债借款，专项用于苏宁 4个在建地产项目的盘活续建。 记者梳理发现，今年以来 ...

Core Insights - The article discusses the increasing prevalence of "beneficial debt" financing as a critical tool for distressed companies to sustain operations and facilitate restructuring [1][6][9] Group 1: Beneficial Debt Financing - Beneficial debt refers to loans provided to companies undergoing bankruptcy restructuring, aimed at maintaining operations and ensuring creditor interests are protected [3][6] - Recent examples include 38 companies under the Suning Group receiving 8 billion yuan in beneficial debt for revitalizing four real estate projects, and Neta Auto's parent company raising 100 million yuan for core production line operations [1][4] Group 2: Investment Returns and Conditions - The annual interest rate for beneficial debt financing ranges from 6.9% to 8%, which is higher than traditional bank loan rates, attracting investors seeking better returns [4][6] - Investors in beneficial debt can request early repayment once projects generate sales revenue, enhancing capital recovery efficiency [4][6] Group 3: Role in Corporate Restructuring - Beneficial debt financing is becoming essential for corporate "survival" and "rebirth," providing critical liquidity to projects stalled due to cash flow issues [6][9] - The process involves strict conditions, including court approval and management oversight, ensuring funds are used specifically for operational continuity and debt repayment [10] Group 4: Market Dynamics and Investor Interest - The rise of beneficial debt financing has attracted various investors, including asset management companies and local governments, due to its priority repayment structure and potential for value creation [9][10] - The complexity of securing beneficial debt financing involves rigorous processes, including the establishment of collateral and management of funds to ensure they are used effectively [10]

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].