Extension or restructuring, leading real estate companies make substantial progress in debt reduction.

Since the beginning of 2026, the disposal of debt by leading real estate companies has shown a positive trend. Vanke successfully extended the maturity of three domestic bonds, while Greenland Holdings had six domestic debt restructuring proposals approved by creditors. At the same time, Country Garden and Sunac China's debt restructuring plans were approved at the end of 2025 and entered the implementation stage in 2026, expected to significantly reduce future debt pressure for the companies. Market observers suggest 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, companies need to completely break away from the path dependency of "debt-driven scale growth" and shift their business models to a new model focused on cash flow security, product strength, and operational efficiency, returning to the essence of manufacturing and service industries.