来源：Wind
香港万得通讯社报道，4月13日，港股$融创中国(01918.HK)$经过一年多停牌终于迎来复牌，尽管公司已与境外债权人小组就建议境外债务重组达成协议，目前重组正在实施，但开盘仍下跌超过50%。目前港股中还有哪些上市地产股处于停牌中，需关注其进度。
融创中国开盘大跌
4月12日晚间，融创中国发布公告称，将在4月13日上午9时起于香港联交所恢复买卖。
根据公告，截至2022年底，集团资产总额约人民币10902亿元，2022年收入967.5亿元。此外公司已与公司境外债权人小组就建议境外债务重组达成协议，目前重组正在实施。
不过4月13日港股开盘，融创中国仍然以跌接近60%开盘，随后有所反弹但又再度逐渐走低。截至发稿，融创中国仍大幅下跌在50%左右。
融创中国债务情况
3月28日，融创中国发布公告称，对于90.48亿美元境外债务重组，与债权人小组（其债权占现有债务未偿还本金总额超30%）就重组条款达成协议。
整体来看，融创中国重组方案将上述境外债务分为降杠杆、留债展期两大方面进行重组，为债权人提供了可转换债券、强制可转换债券、转换为部分融创服务股权、置换新票据等多种选项。
Wind数据显示，据可统计的境外债券来看，目前融创中国境外债券余额为61.84亿美元，其中1年内兑付高峰将出现在2023年10月份。其1年内到期总金额为26亿美元，占比42.06%，其余主要是1~3年内到期。
港股还有哪些地产股处于停牌中？
在融创中国恢复交易的同时，4月13日，$新力控股集团(02103.HK)$的上市地位被取消。这家上市总共40个月，其中有18个月处于停牌状态的房企，现在终于到了退市的一步。
Wind数据显示，目前港股上市房地产企业中有38只处于停牌中，不过今年有重大事项短期停牌的有17只，剩余21只则在去年就已经停牌还未复牌，或有一定的变数。其中包括比较知名的$中国恒大(03333.HK)$、$阳光100中国(02608.HK)$、$世茂集团(00813.HK)$、$花样年控股(01777.HK)$等。
按港交所规定，主板上市公司若连续停牌超过18个月，港交所有权取消公司上市地位，也可视个别停牌公司的具体事项和情况随时刊发除牌通知。根据《上市规则》除牌条文第6.01条规定，如果发行人未能在补救期前，结束补救问题并复牌，港交所可取消上市地位，或立即将发行人除牌。因此部分房企有望进入退市之列。
不过随着房地产市场预期的转好和多项利好政策落地，此前出险的部分优质房企加快出台了化债方案。
今年开年，大多数出险房企境外债重组有了实质性进展，不仅$华夏幸福(600340.SH)$境外债方案有进展，$旭辉控股集团(00884.HK)$、$融创中国(01918.HK)$、$花样年控股(01777.HK)$初步方案已出，$中国奥园(03883.HK)$达成中期债务中止协议，$祥生控股集团(02599.HK)$、$中梁控股(02772.HK)$等房企的债务重组计划正在寻求同意。
退市对房企影响如何？
业内人士指出，当前房地产市场总体向好发展，但新力退市风波值得高度关注，各地要防范债务风险转变为股市风险。
广东省城规院住房政策研究中心首席研究员李宇嘉指出，退市对房企来说意味着通过资本市场融资的渠道堵塞了，也意味着其信用能力继续恶化，引入新资金实现债务重组并实现复生的希望更加渺茫。当新力退市成为定局后，接下来也大概率会宣告破产或者被收购。不过，即便发布年报而留在港交所，也会因为连续的经营业绩滑坡而被责令退市接下来，还会有一批未披露财报的企业触发退市条款。
“退市是倒逼机制，以信用恶化、融资局面紧张，舆论不利等倒逼企业加快推进债务问题解决。从这个角度来看，退市是有好处的，有利于加快债务重组，从而让债务风险尽快处理，软着陆。而且，退市本身就是资本市场的正常现象，有进有退，才能通过大浪淘沙，提高上市公司的质量，保护投资者利益，也倒逼机构和个人投资者擦亮慧眼，识别哪些是优质的上市公司。”李宇嘉补充。
退市触发破产或资产重组，这是房地产风险处置的一条路径，也是必然的路径。在不放水、不依赖、不刺激的顶层架构下，过去蓄增的规模、实体都要退出。因此，不太可能因为退市产生的影响而救市。特别是，在讲究市场化、法制化、商业化处理原则的框架下，更需要通过市场的力量来优胜劣汰。只有投资者，只能是买者自负，这是我国房地产和资本市场迈向高质量发展的必然之路。
编辑/Somer
来源：Wind
Source: Wind
香港万得通讯社报道，4月13日，港股$融创中国(01918.HK)$经过一年多停牌终于迎来复牌，尽管公司已与境外债权人小组就建议境外债务重组达成协议，目前重组正在实施，但开盘仍下跌超过50%。目前港股中还有哪些上市地产股处于停牌中，需关注其进度。
Hong Kong's Wande News Agency reports that on April 13, Hong Kong stocks$SUNAC(01918.HK)$After more than a year of suspension, trading finally resumed. Although the company has reached an agreement with a group of foreign creditors to recommend overseas debt restructuring, the restructuring is currently being implemented, but the opening of the market is still falling by more than 50%. Which other listed real estate stocks in the Hong Kong stock market are currently suspended, so we need to keep an eye on their progress.
融创中国开盘大跌
The opening of Sunac China's market plummeted
4月12日晚间，融创中国发布公告称，将在4月13日上午9时起于香港联交所恢复买卖。
On the evening of April 12, Sunac China issued an announcement stating that it will resume trading on the Hong Kong Stock Exchange from 9:00 a.m. on April 13.
根据公告，截至2022年底，集团资产总额约人民币10902亿元，2022年收入967.5亿元。此外公司已与公司境外债权人小组就建议境外债务重组达成协议，目前重组正在实施。
According to the announcement, by the end of 2022, the total assets of the Group were about RMB 1090.2 billion, and revenue in 2022 was RMB 96.75 billion. Furthermore, the company has reached an agreement with the company's overseas creditor group to propose overseas debt restructuring, and the restructuring is currently being implemented.
不过4月13日港股开盘，融创中国仍然以跌接近60%开盘，随后有所反弹但又再度逐渐走低。截至发稿，融创中国仍大幅下跌在50%左右。
However, when the Hong Kong stock market opened on April 13, Sunac China still opened with a drop of close to 60%. There was a rebound thereafter, but it gradually declined again. As of press release, Sunac China is still falling sharply to around 50%.
融创中国债务情况
Finance China's debt situation
3月28日，融创中国发布公告称，对于90.48亿美元境外债务重组，与债权人小组（其债权占现有债务未偿还本金总额超30%）就重组条款达成协议。
On March 28, Sunac China issued an announcement stating that for the restructuring of 9.048 billion US dollars of foreign debt, an agreement was reached with the creditor group (whose claims account for more than 30% of the total outstanding principal amount of existing debt) on the restructuring terms.
整体来看，融创中国重组方案将上述境外债务分为降杠杆、留债展期两大方面进行重组，为债权人提供了可转换债券、强制可转换债券、转换为部分融创服务股权、置换新票据等多种选项。
Overall, Sunac China's restructuring plan divides the foreign debt mentioned above into two major areas of restructuring: reducing leverage and retaining debt rollover, providing creditors with various options such as convertible bonds, compulsory convertible bonds, conversion to some shares of Sunac Services, and replacement of new notes.
Wind数据显示，据可统计的境外债券来看，目前融创中国境外债券余额为61.84亿美元，其中1年内兑付高峰将出现在2023年10月份。其1年内到期总金额为26亿美元，占比42.06%，其余主要是1~3年内到期。
According to Wind data, according to statistically available foreign bonds, the current balance of Sunac China's foreign bonds is US$6.184 billion, of which the peak of payments within 1 year will occur in October 2023. The total amount due within 1 year was 2.6 billion US dollars, accounting for 42.06%. The rest mainly matures within 1 to 3 years.
港股还有哪些地产股处于停牌中？
Which other real estate stocks in the Hong Kong stock market are suspended?
在融创中国恢复交易的同时，4月13日，$新力控股集团(02103.HK)$的上市地位被取消。这家上市总共40个月，其中有18个月处于停牌状态的房企，现在终于到了退市的一步。
While Sunac China resumed trading, on April 13,$SINIC HOLDINGS(02103.HK)$The listing status of was cancelled. This housing company has been on the market for a total of 40 months, of which 18 months have been suspended, and has now finally reached the stage of delisting.
Wind数据显示，目前港股上市房地产企业中有38只处于停牌中，不过今年有重大事项短期停牌的有17只，剩余21只则在去年就已经停牌还未复牌，或有一定的变数。其中包括比较知名的$中国恒大(03333.HK)$、$阳光100中国(02608.HK)$、$世茂集团(00813.HK)$、$花样年控股(01777.HK)$等。
Wind data shows that 38 real estate companies listed on the Hong Kong stock market are currently suspended. However, 17 were suspended for a short period of time due to important matters this year, while the remaining 21 were suspended last year and have not yet resumed trading, or there are certain variables. Among them are the more famous$EVERGRANDE(03333.HK)$,$SUNSHINE 100(02608.HK)$,$SHIMAO GROUP(00813.HK)$,$FANTASIA(01777.HK)$etc.
按港交所规定，主板上市公司若连续停牌超过18个月，港交所有权取消公司上市地位，也可视个别停牌公司的具体事项和情况随时刊发除牌通知。根据《上市规则》除牌条文第6.01条规定，如果发行人未能在补救期前，结束补救问题并复牌，港交所可取消上市地位，或立即将发行人除牌。因此部分房企有望进入退市之列。
According to the regulations of the Hong Kong Stock Exchange, if a company listed on the Main Board is suspended continuously for more than 18 months and the ownership of the Hong Kong Stock Exchange cancels the company's listing status, a delisting notice may also be published at any time depending on the specific matters and circumstances of individual suspended companies. According to section 6.01 of the delisting provision of the Listing Rules, if the issuer fails to remedy the issue and resume trading before the remedy period, the Hong Kong Stock Exchange may cancel the listing status or immediately delist the issuer. As a result, some housing enterprises are expected to be delisted.
不过随着房地产市场预期的转好和多项利好政策落地，此前出险的部分优质房企加快出台了化债方案。
However, with the improvement of expectations in the real estate market and the implementation of a number of favorable policies, some high-quality housing enterprises that had previously gone on the risk have speeded up the introduction of debt conversion plans.
今年开年，大多数出险房企境外债重组有了实质性进展，不仅$华夏幸福(600340.SH)$境外债方案有进展，$旭辉控股集团(00884.HK)$、$融创中国(01918.HK)$、$花样年控股(01777.HK)$初步方案已出，$中国奥园(03883.HK)$达成中期债务中止协议，$祥生控股集团(02599.HK)$、$中梁控股(02772.HK)$等房企的债务重组计划正在寻求同意。
At the beginning of this year, most insured housing companies made substantial progress in overseas debt restructuring, not only$China Fortune Land Development(600340.SH)$There has been progress in the foreign debt program.$CIFI HOLD GP(00884.HK)$,$SUNAC(01918.HK)$,$FANTASIA(01777.HK)$A preliminary plan has been drawn up.$CHINA AOYUAN(03883.HK)$Reach a medium-term debt suspension agreement,$SHINSUN HOLD GP(02599.HK)$,$ZHONGLIANG HLDG(02772.HK)$Awaiting housing companies' debt restructuring plans are seeking approval.
退市对房企影响如何？
What is the impact of delisting on housing enterprises?
业内人士指出，当前房地产市场总体向好发展，但新力退市风波值得高度关注，各地要防范债务风险转变为股市风险。
Industry insiders pointed out that the current real estate market is developing positively, but the Xinli delisting storm is worth paying close attention to, and all regions should prevent debt risk from turning into stock market risk.
广东省城规院住房政策研究中心首席研究员李宇嘉指出，退市对房企来说意味着通过资本市场融资的渠道堵塞了，也意味着其信用能力继续恶化，引入新资金实现债务重组并实现复生的希望更加渺茫。当新力退市成为定局后，接下来也大概率会宣告破产或者被收购。不过，即便发布年报而留在港交所，也会因为连续的经营业绩滑坡而被责令退市接下来，还会有一批未披露财报的企业触发退市条款。
Li Yujia, chief researcher at the Housing Policy Research Center of the Guangdong Urban Planning Institute, pointed out that for housing enterprises, delisting meant that the channels for financing through the capital market were blocked. It also meant that their creditworthiness continued to deteriorate, and that the hope of introducing new capital to achieve debt restructuring and recovery was even slimmer. When Xinli's delisting is a foregone conclusion, it is likely that it will be declared bankrupt or taken over in the future. However, even if an annual report is published and stays on the Hong Kong Stock Exchange, they will be ordered delisted due to a continuous decline in operating performance. Next, a number of companies that have not disclosed financial reports will trigger delisting clauses.
“退市是倒逼机制，以信用恶化、融资局面紧张，舆论不利等倒逼企业加快推进债务问题解决。从这个角度来看，退市是有好处的，有利于加快债务重组，从而让债务风险尽快处理，软着陆。而且，退市本身就是资本市场的正常现象，有进有退，才能通过大浪淘沙，提高上市公司的质量，保护投资者利益，也倒逼机构和个人投资者擦亮慧眼，识别哪些是优质的上市公司。”李宇嘉补充。
“Delisting is a coercive mechanism that forces enterprises to speed up the resolution of debt issues with deteriorating credit, tight financing situations, and unfavorable public opinion. Seen from this perspective, delisting is beneficial, which is conducive to speeding up debt restructuring, so that debt risks can be handled as soon as possible and land softly. Moreover, delisting itself is a normal phenomenon in the capital market. Only when there is progress and retreat can we improve the quality of listed companies and protect investors' interests through big waves. It also forces institutions and individual investors to polish their eyesight and identify which are high-quality listed companies.” Li Yujia added.
退市触发破产或资产重组，这是房地产风险处置的一条路径，也是必然的路径。在不放水、不依赖、不刺激的顶层架构下，过去蓄增的规模、实体都要退出。因此，不太可能因为退市产生的影响而救市。特别是，在讲究市场化、法制化、商业化处理原则的框架下，更需要通过市场的力量来优胜劣汰。只有投资者，只能是买者自负，这是我国房地产和资本市场迈向高质量发展的必然之路。
Delisting triggers bankruptcy or asset restructuring. This is a path for managing real estate risk, and it is also an inevitable path. Under a top-level structure that does not release water, is not dependent, and does not stimulate, the scale and entities that have been accumulated in the past will have to withdraw. As a result, it is unlikely that the market will be bailed out due to the impact of delisting. In particular, in the framework of focusing on the principles of marketization, legalization, and commercialization, it is even more necessary to overcome the fittest through the power of the market. Investors alone can only be buyers at their own risk. This is an inevitable path for China's real estate and capital markets to move towards high-quality development.
编辑/Somer
