Either extension or restructuring, leading real estate companies have made substantial progress in debt conversion

Since the beginning of 2026, leading real estate companies have shown a positive trend in debt disposal. Vanke successfully extended three domestic bonds, and POWERLONG's six domestic debt restructuring plans were approved by creditors. Meanwhile, Country Garden and Sunac China's debt restructuring was approved at the end of 2025 and entered the execution phase in 2026, which is expected to significantly reduce the companies' future debt pressure. Market participants remind that debt restructuring is only the first step in the transformation of real estate companies. After the industry bids farewell to the era of high-leverage expansion, real estate companies need to completely break free from the path dependence of "debt-driven scale growth" and shift their business model to a new model driven by cash flow safety, product strength, and operational efficiency, returning to the essence of manufacturing and service industries. (Shanghai Securities News)