｜2026年2月3日星期二｜ 点评：此举标志着住房保障体系与房地产市场发展进入新的历史阶段，这不仅为解决新市民、青年人住 房问题提供了新路径，更为房地产市场去库存、稳预期提供了新解法，为全国其他城市提供了可复制、 可推广的经验。 财政部日前公布的数据显示，2025年地方政府性基金预算本级收入中的国有土地使用权出让收入41518 亿元，比上年下降14.7%。这是自2022年以来，连续第四年这一收入出现两位数降幅。与2021年收入峰 值8.7万亿元相比，2025年地方土地使用权出让收入减少了约4.6万亿元，降幅达到52.3%。 点评：这是中国房地产市场深度调整与地方财政转型的必然结果，也是经济发展方式转变的重要标志。 尽管短期面临财政压力与转型阵痛，但这一变化将推动地方政府摆脱土地依赖，培育可持续发展能力。 NO.2 越秀地产拟发行17.35亿元绿色票据 2月2日，越秀地产发布公告，拟发行于2029年到期的17.35亿元人民币3.4厘有担保绿色票据，所得款项 净额将按照公司可持续融资框架，用于置换一年内到期的中长期境外债务，同时分配用于合资格绿色项 目的融资及再融资。 点评：在行业深度调整期，优质房企正通过绿色金 ...

智通财经APP讯，旭辉控股集团(00884)发布公告，第一次定期强制转换记录日期已于2026年1月29日发 生，该日期为发行日期起计一个月后的日历日。根据信托契据，若2026年1月29日或之前累计已转换的 强制可转换债券本金总额未超过强制可转换债券本金额的20%(相当于约8.15亿美元)，则将触发定期强 制转换，部分强制可转换债券将被强制转换。鉴于于2026年1月29日或之前实际已转换的强制可转换债 券本金总额已超过8.15亿美元，因此就第一次定期强制转换记录日期而言，不会发生定期强制转换。 ...

旭辉控股集团(00884)发布公告，第一次定期强制转换记录日期已于2026年1月29日发生，该日期为发行 日期起计一个月后的日历日。根据信托契据，若2026年1月29日或之前累计已转换的强制可转换债券本 金总额未超过强制可转换债券本金额的20%(相当于约8.15亿美元)，则将触发定期强制转换，部分强制 可转换债券将被强制转换。鉴于于2026年1月29日或之前实际已转换的强制可转换债券本金总额已超过 8.15亿美元，因此就第一次定期强制转换记录日期而言，不会发生定期强制转换。 ...

Core Viewpoint - Sunac China Holdings Limited successfully avoided a winding-up petition after the High Court dismissed the case, following the completion of a comprehensive offshore debt restructuring on December 23, 2025, which strengthened the company's financial structure [1] Group 1: Debt Restructuring - The successful restructuring allows the company to eliminate approximately $9.6 billion (around HKD 748.8 billion) of existing debt, contingent upon meeting restructuring conditions or obtaining waivers [1] - As part of the restructuring, the company will issue two mandatory convertible bonds to the planned creditors [1] - The company has reached a 10-year extension and equity settlement plan with Chiyu Banking Corporation for the remaining debt of HKD 858 million [1] Group 2: Market Impact - The dismissal of the winding-up petition alleviates market concerns regarding the company's potential insolvency [1] - The restructuring plan aims to thoroughly address debt risks and support the company's credit and long-term business recovery [1]

Core Viewpoint - Debt restructuring has become a key strategy for distressed real estate companies to mitigate risks amid a deep adjustment in the industry [1][2]. Group 1: Debt Restructuring Tools - Mandatory convertible bonds have emerged as a crucial tool in the debt restructuring plans of leading real estate firms like Country Garden, Sunac China, and CIFI Holdings, shifting the focus from mere debt extension to substantial debt reduction [2][4]. - The essence of mandatory convertible bonds is to "exchange time for space," allowing companies to align with their current debt repayment capabilities while providing creditors with a choice that balances security and returns [2][5]. Group 2: Recent Developments - Country Garden announced a successful vote on its offshore debt restructuring plan, involving approximately $17.7 billion in debt, with over 83.71% approval from the syndicate loan group and 96.03% from the dollar bond group [4]. - The restructuring plan includes the issuance of nearly $13 billion in mandatory convertible bonds, with specific amounts allocated to different bond series [4]. Group 3: Benefits of Mandatory Convertible Bonds - Mandatory convertible bonds reduce future cash flow pressure, lower interest burdens, and enhance capital adequacy, while also creating equity that can improve long-term capital returns [5][7]. - The design of these bonds includes terms that provide certainty for debt reduction and potential upside for creditors, balancing the interests of both parties [7][8]. Group 4: Industry Impact - The restructuring efforts have led to a total debt reduction of approximately 1.2 trillion yuan across 21 distressed real estate companies, significantly alleviating short-term repayment pressures [8][10]. - Successful debt restructuring is seen as a recognition of companies' future potential by creditors, allowing for a more flexible operational environment and supporting the overall stabilization of the real estate market [10].

Core Viewpoint - Debt restructuring has become a key strategy for distressed real estate companies to mitigate risks, with mandatory convertible bonds emerging as a crucial tool for leading firms like Country Garden, Sunac China, and CIFI Holdings to transition from mere debt extension to substantial debt reduction [1][2]. Group 1: Mandatory Convertible Bonds - Mandatory convertible bonds combine debt and equity features, allowing issuers to convert debt into equity without investor consent under certain conditions, thereby reducing cash flow pressure and improving capital adequacy [3][4]. - The issuance of mandatory convertible bonds is a central element in the debt restructuring plans of several real estate companies, reflecting a shift from traditional debt extension methods [2][4]. Group 2: Recent Developments in Debt Restructuring - Country Garden's recent debt restructuring plan involves approximately $17.7 billion in debt, with significant approval from creditors, including 83.71% support from the syndicate loan group and 96.03% from the dollar bond group [2]. - Other companies, such as Sunac China and CIFI Holdings, have also announced debt restructuring plans that include the issuance of mandatory convertible bonds, indicating a broader trend in the industry [2][6]. Group 3: Impact on the Real Estate Industry - As of October 30, 21 distressed real estate companies have completed or received approval for debt restructuring, amounting to approximately 1.2 trillion yuan, significantly alleviating short-term repayment pressures [6]. - The restructuring efforts are expected to stabilize market expectations and mitigate systemic risks in the real estate sector, providing a foundation for macroeconomic stability [6][7]. - The innovative financing models, such as mandatory convertible bonds, are paving the way for diversified funding channels in the real estate industry, promoting financial innovation and sustainable development [7].

Group 1 - The core point of the article is that Baolong Real Estate (01238) is actively engaging in constructive dialogue with financial advisors and plan creditors to develop a comprehensive solution for addressing liquidity issues related to planned debts since the previous restructuring plan expired in February 2025 [1] - As of October 10, 2025, the company entered into a restructuring support agreement with members of a special group, representing approximately 31% of the total unpaid principal amount of planned debts as of the date of the agreement [1] - The framework of the overall solution includes various options for plan creditors, which may include cash raised through the pledge or sale of Baolong's commercial shares amounting to $40 million, transfer of commercial shares equivalent to no more than 32.4% of Baolong's outstanding shares, mandatory convertible bonds, new medium-term notes, new long-term notes, and new loans [1] Group 2 - A cash consent fee of 0.15% will be applicable on the eligible participating debt principal amount held by participating creditors as of the consent fee deadline [1]

Core Viewpoint - Sunac China is progressing with its debt restructuring plan, which includes a significant portion of its offshore debt and aims to stabilize its financial situation and corporate governance [1][2]. Group 1: Debt Restructuring - As of June 24, approximately 75% of the creditors holding the company's outstanding debt have agreed to the restructuring support agreement [1]. - The total estimated debt claim amount, including principal and accrued unpaid interest (excluding default interest), is approximately $9.552 billion, which needs to be reviewed and confirmed by the plan administrator [1]. Group 2: Shareholder and Governance Measures - The company plans to issue mandatory convertible bonds and propose an increase in its statutory capital to maintain a stable shareholding structure and ensure the chairman, Sun Hongbin, can continue to contribute to the group's debt risk resolution and long-term business recovery [1][2]. - Under the shareholding stability plan, for every $100 principal of mandatory convertible bonds allocated to creditors (excluding those belonging to Sunac International), $23 will be issued to Sun Hongbin or his designated persons [2]. Group 3: Team Stability and Compensation - The company aims to implement a team stability plan to ensure a capable team is in place for ongoing operations and long-term recovery, which includes granting shares to selected employees as a long-term supplement to their compensation [2]. - The plan is designed to incentivize recipients to continue contributing to the company's operations and development [2]. Group 4: Capital Increase Proposal - The board of directors recommends seeking shareholder approval at a special meeting to increase the statutory capital from HKD 1.5 billion (divided into 15 billion shares) to HKD 3 billion (divided into 30 billion shares) [3]. - The additional shares will have equal status in all respects [3].

Core Viewpoint - Sunac China (01918) has announced that approximately 75% of creditors holding existing debt have joined the restructuring support agreement as of June 24, 2025, committing to vote in favor of the plan at the scheduled meeting [1] Group 1: Restructuring Details - The restructuring will involve the company's offshore debt, with an estimated total debt claim (including principal and accrued unpaid interest, excluding default interest) amounting to approximately $9.552 billion as of June 30, 2025, subject to verification by the plan administrator [1] - The restructuring will include the release of the company's debt and certain obligations of other entities within the group [1] Group 2: Convertible Bond Issuance - The company plans to issue two series of mandatory convertible bonds as consideration for the cancellation of existing debt and the release of related claims, with the total principal amount equivalent to the total claims of all plan creditors [2] - Creditors will have the option to choose between the two series of convertible bonds or a combination of both, subject to the terms of the restructuring support agreement [2] Group 3: Related Convertible Bonds - Mandatory convertible bonds will be issued to Sunac International as a plan creditor, which will convert into mandatory convertible bonds during the restructuring [3] - Additionally, convertible bonds will be issued to Mr. Sun Hongbin to maintain the stability of the shareholding structure and ensure his continued contribution to the group's operations and debt risk mitigation [4] Group 4: Team Stability Plan - The company aims to adopt a team stability plan to ensure a capable and stable team is in place for ongoing operations and long-term recovery, which includes granting shares to selected employees as a long-term supplement to their compensation [5] - This plan is intended to incentivize recipients to continue contributing to the group's operations and development [5] Group 5: Increase in Authorized Share Capital - The board of directors proposes to seek shareholder approval to increase the authorized share capital from HKD 1.5 billion (150 billion shares) to HKD 3 billion (300 billion shares) to facilitate the transactions under the restructuring, including the issuance of convertible bonds [6] - This increase is deemed to be in the overall interest of the company and its shareholders, providing more flexibility for future fundraising [7]

Core Viewpoint - Sunac China Holdings Limited is undergoing a debt restructuring process, with approximately 75% of existing debt holders agreeing to a restructuring support agreement, which includes a total estimated debt claim of $9.552 billion as of June 30, 2025 [1] Group 1: Debt Restructuring - The restructuring support agreement involves the release of the company's debts and certain obligations of other entities within the group [1] - The restructuring will include the issuance of two series of mandatory convertible bonds to the plan creditors as a means to extinguish existing debts [2] - The total principal amount of the mandatory convertible bonds will equal the total debt owed to the plan creditors, with options for creditors to choose between different series of bonds [2] Group 2: Shareholder and Management Plans - The company plans to issue mandatory convertible bonds to its major shareholder, Sun Hongbin, to maintain a stable equity structure and ensure his continued contribution to the group's operations and debt risk mitigation [3] - A team stability plan is proposed to incentivize selected employees through the issuance of new shares as a long-term supplement to their compensation, aimed at ensuring a stable and capable team for the company's recovery [4] Group 3: Capital Increase Proposal - The board of directors proposes to increase the authorized share capital from HKD 1.5 billion (150 billion shares) to HKD 3 billion (300 billion shares) to facilitate the restructuring transactions, including the issuance of mandatory convertible bonds [5] - This increase in authorized share capital is deemed to be in the overall interest of the company and its shareholders, providing more flexibility for future fundraising [6]