The Zhitong Finance App learned that on the evening of August 18, Xuhui Holdings (00884) issued an announcement stating that in order to promote the orderly implementation of stock options in domestic bond restructuring, the company had signed a subscription agreement with a special purpose company. According to the agreement, the company conditionally agreed to subscribe for a total of about 408 million shares to be distributed and issued by Xuhui. After the disposal of the shares mentioned above, domestic funds equivalent to the net capital received will be used to repay related domestic bonds with a total amount of about RMB 600 million held by domestic bondholders who have chosen the stock option.
According to the announcement, Xuhui's overall domestic debt restructuring plan was approved by the bondholders' meeting in September 2025. The plan includes four major options: bond repurchase, stock economic income rights, debt repayment, and general debt. In December of the same year, Xuhui took the lead in completing the bond repurchase option, using approximately RMB 220 million to repurchase domestic bonds worth approximately RMB 1.1 billion.
This announcement marks the official implementation of Xuhui's second domestic bond restructuring option, the stock economic benefit option. Next, Xuhui will launch a debt settlement option according to the plan.
According to reports, in the credit-based debt option, Xuhui plans to establish a service-type trust using specific assets and corresponding income rights of an indirectly controlled subsidiary to directly or indirectly enjoy specific asset income rights held by the issuer's holding subsidiary. The trust share corresponding to the face value of the 100 yuan bond corresponds to a trust share of 40 yuan. The assets included this time include high-quality assets located in first-tier cities, such as Xuhuili, Changshou Road, Shanghai, a commercial enterprise building project, and the Guangyu Southern Housing Project in Guangzhou.
Industry insiders said that compared with the current situation of housing enterprises that have announced domestic debt plans in the industry, the various terms provided by Xuhui have basically reached the best level in the industry, especially the debt settlement option. On the one hand, the 40 yuan reimbursement amount is at the highest level in comparable plans; on the other hand, the underlying assets included are all high-quality projects in the core areas of first-tier cities such as Shanghai and Guangzhou, showing outstanding advantages in terms of asset quality and value growth potential.