Before the market on April 29, Xuhui Holdings (0884) issued an announcement on a comprehensive solution to the overseas liquidity situation and the latest business development situation. In the announcement, the company is pleased to announce that it has reached an agreement with the creditor group on a comprehensive plan in principle. The holders of the creditor group together hold or control about 43% of the total principal amount of Xuhui senior notes, perpetual bonds and convertible bonds.

According to the announcement, Xuhui's “comprehensive proposal” includes a total of 6 options, including principal reduction, debt-for-equity swaps, and issuance of new bonds/loans, with the goal of reducing foreign debt by about 3.3 billion to 4 billion US dollars. The announcement described this progress as “a major milestone for the Company to implement this proposal. The Company would like to thank the Coordinating Committee, the Bondholder Group and their advisors for their continued support and participation in the Company's current work.”

In addition, the company also revealed recent business conditions: 68 projects have entered the “white list”, and 23 projects have received financing support. Among them, Wuhu Giljin Impression is the first “white list” project approved for additional financing. The amount of 150 million dollars has been approved, and loans will be made according to the progress of the project. 13,000 new homes have been delivered so far this year, receiving the “2024 Top 8 Real Estate Development Enterprise Delivery Capabilities” issued by the China Housing Association and Yiju Real Estate Research Institute.

In terms of land storage, the total land storage is 36.3 million square meters, with an unsold value of over 300 billion yuan. 74% are located in Tier 1 and 2 cities. In terms of debt, as of December 31, 2023, the total amount of outstanding loans was approximately RMB 92.281 billion, a year-on-year decrease of 16.169 billion yuan, or 15%.