Core Viewpoint - China Communications Real Estate Company has completed the transfer of debt repayment obligations related to several corporate bonds to its controlling shareholder, China Communications Real Estate Group, in response to ongoing pressures in the real estate market [1][3]. Group 1: Basic Situation of the Matter - The transfer of debt obligations is a strategic move to optimize the asset-liability structure and reduce repayment pressure amid a challenging real estate environment [1]. - The specific bonds involved in this transfer include "21 Zhongjiao Bond," "23 Zhongjiao 06," "25 Zhongjiao 01," "25 Zhongjiao 02," and "25 Zhongjiao 03" [1]. Group 2: Inheriting Party Information - China Communications Real Estate Group was established on March 24, 2015, with a registered capital of 1.5 billion RMB [2]. - The company operates in the real estate industry, focusing on property development, management, and investment [2]. Group 3: Debt Transfer Procedure - The debt obligations have been officially transferred from China Communications Real Estate Company to China Communications Real Estate Group, with necessary approvals obtained from internal decision-making bodies [3]. - A bondholders' meeting was held on May 19, 2025, to approve the debt inheritance proposal [3]. Group 4: Rights and Obligations of Bond Issuance - China Communications Real Estate Group will assume all repayment and disclosure obligations related to the bonds, ensuring the protection of investor rights [3]. - The terms of the bonds, including interest rates and maturity dates, will remain unchanged following the transfer [3][4]. Group 5: Impact Analysis - Following the completion of the debt transfer, China Communications Real Estate Company will no longer bear the repayment obligations for the specified bonds, which will now be the responsibility of China Communications Real Estate Group [4][5].

中交房地产集团有限公司 关于公司债清偿义务承继完成的公告 一、标的债券情况 中交房地产集团有限公司（以下简称"中交房地产集团"）承继公司债情况 如下： 信息披露事务负责人： 叶朝锋 信息披露事务负责人联系方式： 010-82243784 所属行业： 房地产业-房地产业（K70） 房地产开发；物业管理；建设工程项目管理；销售自行 开发的商品房；出租商业用房；出租办公用房；项目投 经营范围： 资；投资管理；资产管理；投资咨询。（市场主体依法 自主选择经营项目，开展经营活动；依法须经批准的项 目，经相关部门批准后依批准的内容开展经营活动；不 得从事国家和本市产业政策禁止和限制类项目的经营活 动。） 三、清偿义务转移/承继程序履行情况 中交房地产集团承继中交地产股份有限公司（以下简称"中交地产"）发行 的"21 中交债"、"23 中交 06"、"25 中交 01"、"25 中交 02"和"25 中交 上述事项已经原发行人中交地产与承继方中交房地产集团内部有权决策机 构决定通过及有权机关批复。针对本次交易触发的债务转移事项，已召开债券持 有人大会，审议通过《关于中交地产股份有限公司进行债务承继的议案》且形成 有效决议。 ...

Core Viewpoint - The report provides an overview of the bond issuance and management activities of China Communications Real Estate Company Limited, highlighting the company's financial performance and ongoing legal matters affecting its operations [2][18][20]. Section 1: Company Bond Overview - The issuer is China Communications Real Estate Company Limited, with various bonds issued including "21 Zhongjiao Bond" with a total face value of up to 1.1 billion yuan and "23 Zhongjiao Bond" series with a total face value of up to 3 billion yuan each [2][3]. - The company has issued multiple bonds in 2023, including "23 Zhongjiao 01" (1 billion yuan), "23 Zhongjiao 02" (700 million yuan), "23 Zhongjiao 04" (700 million yuan), and "23 Zhongjiao 06" (300 million yuan) [3][4][5]. Section 2: Financial Performance - As of December 31, 2024, the company reported total assets of 107.70 billion yuan, a decrease from 123.27 billion yuan in 2023, indicating a downward trend in asset scale due to reduced business operations [24][26]. - The company achieved an operating income of 18.30 billion yuan in 2024, a significant decrease of 49.65% compared to the previous year, reflecting the challenging real estate market conditions [24][26]. - The net profit attributable to shareholders was -5.18 billion yuan, a decline of 356.79% from the previous year, highlighting severe financial distress [24][26]. Section 3: Legal Matters - The company is involved in significant legal disputes, including a case against Beijing Maokang for loan repayment, with a total claim of approximately 700 million yuan [20][21]. - The company has also faced litigation related to loan agreements with Yunnan Country Garden, indicating ongoing financial and operational challenges [20][22]. Section 4: Management and Governance - The company has undergone changes in its board of directors, with the resignation of the chairman and other key executives, which may impact governance and strategic direction [21][22]. - The trustee management has been actively monitoring the issuer's credit risk and compliance with bond obligations, ensuring that interest payments are made on time [18][19].