Group 1: Company Overview - In 2024, Sunac China Holdings Limited became the first real estate company to complete domestic debt restructuring and the only one to achieve equity financing [2] - The company reported revenue of 74.02 billion yuan and a gross profit of 2.89 billion yuan for the reporting period [2] - Interest-bearing debt decreased to 259.67 billion yuan, down by 18.16 billion yuan from the end of 2023 [2] Group 2: Debt Restructuring and Financial Strategy - Sunac completed its domestic bond restructuring within 50 days, reducing over 50% of its domestic corporate debt, with a total scale of 15.4 billion yuan [4] - The company has appointed financial and legal advisors to seek comprehensive solutions for overseas debt [4] - The successful completion of the restructuring has positioned Sunac as a leader in addressing debt risks in the real estate sector [4] Group 3: Operational Performance - Sunac prioritized "ensuring delivery" as its main operational task, delivering 170,000 units across 84 cities in 2024, with cumulative deliveries exceeding 668,000 units over the past three years [4] - The company has made significant progress in asset management, maintaining a net asset value of 55.15 billion yuan after accounting for over 92 billion yuan in impairment [6] Group 4: Land Reserves and Market Position - As of the end of 2024, Sunac's total land reserve area was approximately 127.76 million square meters, with equity land reserves of about 87.57 million square meters [7] - The company is well-positioned in core first- and second-tier cities, which are expected to stabilize first in 2025 [7] Group 5: Diversification and Revenue Growth - Sunac's service and cultural tourism segments have shown robust growth, with service revenue reaching 6.97 billion yuan, and third-party revenue accounting for 98% of total service income [7][8] - The cultural tourism segment generated 5.21 billion yuan in revenue, with a 7% increase in visitor numbers to 167 million [8]

Core Viewpoint - Sunac China reported a revenue of 74.02 billion yuan for 2024, a decrease of approximately 52% year-on-year, while actively working on debt resolution and project delivery [2] Financial Performance - For the fiscal year 2024, Sunac China achieved a revenue of 74.02 billion yuan, down from the previous year [2] - The company reduced its interest-bearing debt by 18.16 billion yuan to 259.67 billion yuan [2] - Sunac China reported a loss attributable to shareholders of approximately 25.70 billion yuan, compared to a loss of 7.97 billion yuan in the previous year [2] - The gross profit for 2024 was 2.89 billion yuan, recovering from a gross loss of approximately 2.50 billion yuan in the prior year [2] Operational Strategy - The company focused on project completion and delivery, successfully delivering around 170,000 housing units across 84 cities in 2024, ranking among the top three in the industry [2] - Sunac China implemented various strategies to manage debt risks and optimize operational efficiency, including reducing administrative expenses and enhancing product competitiveness [2][3] Debt Restructuring - Sunac China secured approvals for special loans and financing totaling approximately 34.5 billion yuan to support project development and delivery [3] - The company completed a domestic debt restructuring of 15.4 billion yuan, significantly reducing its domestic debt burden by about 70% [3] Future Outlook - For 2025, Sunac China aims to complete the delivery of 60,000 housing units and finalize its debt restructuring plans [4] - The company is actively seeking comprehensive solutions for its overseas debt issues with the assistance of financial and legal advisors [4] - Sunac China holds substantial land reserves of approximately 127.76 million square meters, primarily located in first- and second-tier cities, which will support its recovery efforts [4][5]

近段时间以来，房企在债务重组及重整自救方面不断有新消息传来。 3月11日，中国奥园集团股份有限公司发布公告，宣布其境外债务重组计划取得新进展，即持有期延长六 个月。 根据中国奥园计划及Add Hero计划的条款，此次延长将持有期届满日期推迟至2025年9月22日，即重组生 效日期后18个月的日期后的下个营业日。中国奥园及Add Hero保留全权酌情进一步延长该日期的权利，将 根据持有期信托契约条款可分配信托资产的最迟日期来确定。 记者查询发现，就在去年9月，中国奥园集团股份有限公司曾发布公告，宣布境外债务重组计划的持有期 延长6个月至2025年3月20日。市场公开信息显示，2022年1月，中国奥园正式公告宣布公司境外债违约， 对所有境外债停付本息，并直接选择进行境外债务重组。到了2023年7月，中国奥园交出了一份境外债重 组方案。有业内人士认为，中国奥园当初提出重组方案时或许对市场持一种乐观的态度，然而市场走向并 没有如预期那般，所以公司债务重组的推进容易遇到问题，公司仍面临着资金压力。 从房企债务到期情况来看，克而瑞数据显示，2024年房企债券到期规模4828亿元，而发行规模仅有2158 亿元。2025年债 ...