在今日港股地产板块中，龙光集团（3380.HK）成为市场关注焦点。 9月10日，在房地产行业深度调整的当下，龙光宣布与债权人小组达成境外债重组修订协议，使投资者 信心显著提升。截至当日收盘，龙光集团股价单日大幅上涨9.47%，这一强势表现直接反映出投资者对 公司债务重组取得重大进展的积极认可。 此次修订整体重组方案，标志着龙光将"彻底解决境外债务负担"。随着境内外债务重组工作的协同推 进，叠加深圳等大湾区政策持续松绑，龙光正在为持续稳定生产经营积蓄动能，并逐步打开公司价值修 复与重估的通道。 创新债务重组模式，实现从"时间换空间"到"价值换信心"深度进阶 在房企债务重组从"展期"转向"削债"的行业趋势下，与融创中国采用"全额债权转股权"模式不同，龙光 此次修订的境外债重组方案，在行业内建立了"现金选项+首创资产信托模式+无上限转股"的更加多元 化清偿体系，实现了对现有内房企境外债重组模式的创新。 一方面，龙光新修订方案中设置两大资产信托选项，即境外项目资产信托和外商投资项目资产信托，规 模分别达9.33亿美元和1.86亿美元，通过借鉴境内重组的成功经验实现境外重组方案的升级。 债权人选择此选项后，将成为对应项 ...

Core Viewpoint - Guangdong-Hong Kong-Macau Holdings has successfully completed a debt restructuring plan, potentially becoming the first domestic real estate company to clear its offshore US dollar bonds amid a challenging real estate market and a wave of defaults [1][2]. Group 1: Debt Restructuring Details - On May 7, 2025, the company announced the successful modification of terms for approximately $440 million in bonds due in 2029, with a high approval rate of 98.33% [1]. - The restructuring plan involves issuing mandatory convertible bonds at 55% of the principal to redeem the existing US dollar bonds, along with a 0.15% cash consent fee and an additional 10% in convertible bonds as incentives for supportive investors [1][2]. - The conversion price for the convertible bonds is set at HKD 5.5 per share [1]. Group 2: Financial Impact - Following the redemption of the US dollar bonds through the convertible bonds, the company's interest-bearing debt ratio is projected to decrease significantly from 45.3% to 19.5%, optimizing its capital structure and reducing financial burdens [2]. - This proactive approach to debt restructuring demonstrates the management's forward-looking risk awareness and commitment to transformation [2]. Group 3: Future Strategy and Industry Implications - The company aims to enhance operational efficiency of quality assets, introduce new productive business lines, and leverage technological innovation to diversify its portfolio and improve profitability [3]. - The successful restructuring serves as a potential model for other domestic real estate companies facing debt challenges, showcasing a new approach to self-rescue and reform in the industry [3]. - This move may signal a rebuilding of confidence in the real estate sector as policies gradually support structural adjustments [3].