The Zhitong Finance App learned that on the morning of May 27, Xuhui Holding Group (00884) issued an announcement on the latest situation of comprehensive solutions to the overseas liquidity situation. According to the announcement, negotiations between the company and the Coordinating Committee have made further progress, and the loan banks forming the Coordinating Committee hold a total of about 59% of the amount of overseas loan financing capital under the Company's applicable liabilities.

According to the announcement, Xu Hui and the syndicate coordination committee have agreed to move forward to the next stage to negotiate and agree on official documents based on the terms announced in the April announcement. Xuhui said that the support of the syndicate coordination committee represented another major milestone in the company's search for comprehensive solutions to overseas debts. The company will continue to work with the Coordinating Committee, the bondholders' panel and their advisors to agree on the detailed arrangements for the comprehensive proposal, including negotiations and the signing of legally binding agreements.

According to information, Xuhui's foreign debt includes US dollar bonds and overseas syndicated loans. In an earlier announcement on April 29, Xuhui announced that its comprehensive overseas debt restructuring proposal had been approved in principle by the bondholders' panel. The proposal provides creditors with 6 options, including various combinations of principal reduction and share conversion, with the goal of reducing foreign debt by about US$3.3 billion to US$4 billion.

In this announcement, Xu Hui also revealed that in addition to the main provisions mentioned in the comprehensive proposal, the company will also seek to include RMB denominated loan options to meet the different needs of overseas lenders. The long-term loan options within the comprehensive proposal, combined with the financing support received by Xuhui from the “Real Estate Project White List” mechanism, are expected to further reduce the Group's overall financial costs in the future.

Earlier, Xuhui revealed that 29 projects have been implemented on the “white list” and have received financing support from many state-owned and joint-stock banks by adjusting repayment nodes, reducing interest, replacing existing financing, and adding additional financing. Among them, the Liujin Impression of Wuhu was the first project approved for additional financing, with an approval amount of 150 million yuan; while the Beijing Guoxiangyunzhu project received an additional 50 million yuan in additional financing on top of the previous replacement financing.