Diversified exploration of efficient path fordebt restructuring; many real estate companies "refresh" progress of debt restructuring.

Recently, the process of debt restructuring and reorganization of real estate enterprises has accelerated significantly. Many companies such as *ST Golden Kai, Times China Holdings, and Long Guang Group have disclosed the progress of restructuring intensively, from approval of overseas debts to approval of domestic debt plans, and finally to full receipt of investment funds, indicating that the industry's risk resolution has entered a substantive implementation stage at an accelerated pace. A research report released by the China Index Research Institute on June 25th shows that up to now, more than 10 real estate enterprises including Sunac, R&F, Zhongliang, and Golden Kai have had their debt restructuring or reorganization approved. It can be seen that large real estate enterprises have become the core subjects of restructuring, and the characteristics of restructuring include diversification of methods, standardization of procedures, balance of interests, and policy coordination. At the same time, the "early bird consent fee" mechanism is becoming an innovative means for real estate enterprises to accelerate restructuring.