智通财经APP讯，合景泰富集团(01813)发布公告，公司发行的2笔境内公司债券及公司全资附属公司广 州合景控股集团有限公司发行的1笔境内公司债券的重组方案已全部获相关债券持有人会议审议通过。3 笔债券的本息偿付安排将进行调整，并提供包括通过提供折价现金回购、资产抵债、全额转换一般债 权、全额留债等选项。 ...

自願性公告 境內債務重組方案獲相關債權人批准 合景泰富集團控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）提供有關 境內債券重組的進展。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 KWG GROUP HOLDINGS LIMITED 合景泰富集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1813及債務股份代號： 40465、40683、40117） 於本公告日期，董事會由七名董事組成，其中孔健岷先生（主席）、孔健濤先生（行 政總裁）、孔健楠先生及蔡風佳先生為執行董事；而譚振輝先生、羅耀榮先生及黃 敏明女士為獨立非執行董事。 本公司欣然宣佈，本公司發行的2筆境內公司債券及本公司之全資附屬公司廣州合 景控股集團有限公司發行的1筆境內公司債券的重組方案已全部獲相關債券持有人 會議審議通過。3筆債券的本息償付安排將進行調整，並提供包括通過提供折價現 金回購、資產抵債、全額轉換一般債權、全額留債等選項。 本公司下一步將根據債券 ...

Core Viewpoint - R&F Properties has announced a comprehensive restructuring plan for its domestic bonds, involving cash buybacks, asset swaps, and accounts receivable trust shares, addressing over 12.2 billion yuan in outstanding principal [1][3]. Group 1: Restructuring Plan Details - The restructuring plan offers six options for bondholders, including cash buybacks, asset swaps, and accounts receivable trust shares [2][3]. - In the cash buyback option, R&F plans to repurchase bonds at a 20% discount to their remaining face value, with a total buyback amount not exceeding 600 million yuan [3]. - The asset swap option allows bondholders to register physical assets valued at 30 yuan for every 100 yuan of remaining bond face value, with a total of up to 6.6 billion yuan in outstanding bonds eligible [3][4]. - The accounts receivable trust share option involves establishing a trust with 300 million yuan in receivables as the underlying asset, allowing bondholders to register trust shares valued at 30 yuan for every 100 yuan of remaining bond face value, with a total of up to 1 billion yuan in outstanding bonds [3][4]. - The full debt extension option will extend the remaining bonds' maturity to September 16, 2035, with a reduced interest rate of 1% during the extension period [4]. Group 2: Financial Performance and Debt Situation - R&F Properties reported a loss of approximately 4.08 billion yuan in the first half of the year, a significant increase of about 75.12% compared to the same period in 2024 [6]. - The company's total assets amount to 289.15 billion yuan, with total liabilities rising to 264.38 billion yuan, an increase of approximately 2.24 billion yuan from the end of the previous year [7]. - As of mid-2025, R&F's cash and cash equivalents were only 688 million yuan, indicating ongoing cash flow challenges despite previous asset sales and financing efforts [5][7].

Core Viewpoint - R&F Properties (02777) is facing significant financial challenges, leading to a proposed restructuring of its domestic bonds due to a substantial loss and declining revenue [1] Financial Performance - In the first half of the year, R&F Properties reported a revenue of 5.765 billion RMB, a year-on-year decrease of 59.43% [1] - The company recorded a loss attributable to shareholders of 4.046 billion RMB, which represents a year-on-year increase of 73.6% [1] Bond Restructuring Proposal - R&F Properties announced a preliminary plan to provide a comprehensive restructuring scheme for domestic bondholders, which includes six options: cash buyback, debt-for-asset swaps, receivables trust shares, asset trust shares, equity economic rights payment, and full debt extension [1] - The restructuring involves six bonds with an outstanding principal balance exceeding 12.2 billion RMB [1] Market Reaction - Following the announcement, R&F Properties' stock price dropped over 4%, trading at 0.71 HKD with a transaction volume of 6.2197 million HKD [1] - The company has been removed from the Hong Kong Stock Connect list, effective from September 8 [1]

Core Viewpoint - R&F Properties is offering six restructuring options for its domestic bondholders due to its overall operational status, with a total outstanding balance of approximately 14.4 billion yuan [1][3]. Summary by Category Restructuring Options - The company proposes a comprehensive restructuring plan for domestic bondholders, which includes cash buyback, asset swaps, trust shares, stock economic rights, and full debt extension [3][4]. - Cash buyback option involves repurchasing bonds at a 20% discount, with a total buyback amount not exceeding 600 million yuan [3]. - Asset swap option allows bondholders to exchange bonds for physical assets valued at 30 yuan for every 100 yuan of bond face value, with a total outstanding bond principal of up to 6.6 billion yuan [3]. - Trust shares option involves using 300 million yuan in receivables to establish a trust, allowing bondholders to exchange bonds for trust shares valued at 30 yuan for every 100 yuan of bond face value, with a total outstanding bond principal of up to 1 billion yuan [3]. - Asset trust shares option allows bondholders to exchange bonds for asset trust shares valued at 35 yuan for every 100 yuan of bond face value, with a total outstanding bond principal of up to 5.7 billion yuan [3]. - Stock economic rights option involves issuing up to 200 million shares in Hong Kong to a special purpose trust for bondholders, with proceeds used to repay selected bondholders [4]. - Full debt extension option will extend the remaining bond principal to September 16, 2035, with a reduced interest rate of 1% and semi-annual cash payments starting March 16, 2031 [4]. Company Background - R&F Properties is a well-known real estate company in Guangdong, previously recognized as a leader among the "Five Tigers of South China," with peak sales exceeding 130 billion yuan in 2019 [4]. - The company's total sales for 2024 are projected to be only 11.23 billion yuan [4]. - The current outstanding domestic bonds consist of eight issues, including six general corporate bonds, one private corporate bond, and one directed tool, with the largest two bonds each exceeding 4 billion yuan [4].

Group 1 - The core viewpoint of the news is the positive progress in the domestic debt restructuring of real estate companies, particularly Longguang Holdings and Xuhui Holdings, indicating a trend towards resolving debt issues in the industry [1][2][3] Group 2 - Longguang Holdings has seen a successful vote on its debt restructuring plan, with 8 ABS approved and 21 company bonds and ABS nearing completion of voting, involving a total principal amount exceeding 21.9 billion [1] - The restructuring options for Longguang include specific assets, asset swaps, cash buybacks, debt-to-equity swaps, and debt retention [1] - Xuhui Holdings has also optimized its debt restructuring plan, involving 7 domestic company bonds with a total principal balance of 10.06 billion [1][2] Group 3 - Xuhui's updated restructuring plan includes five options: cash buyback, stock economic rights, asset swaps, general debt, and full debt retention, with significant increases in buyback amounts and stock issuance [2][3] - The cash buyback amount has been raised to a maximum of 220 million, with the buyback price increased from 18% to 20% of face value [2] - The asset swap option now accepts a principal amount of approximately 5.2 billion, with improved terms for investors, including the removal of subordinate trust shares [2][3] Group 4 - The general debt option allows bondholders to convert their bonds into general debt with a reduced extension period and optimized interest payment terms [3] - The full debt retention option has a shortened extension period and adjusted interest rates, with provisions for early repayment based on asset disposal [3] - Xuhui has introduced a consent fee to encourage investor participation in the restructuring plan, offering a 0.2% fee for those who agree to all proposals [3]