China’s CIFI Gets Court Approval for Overseas Debt Restructuring Plan
Zhang Yushuo
DATE:  Jun 30 2025
/ SOURCE:  Yicai
China’s CIFI Gets Court Approval for Overseas Debt Restructuring Plan China’s CIFI Gets Court Approval for Overseas Debt Restructuring Plan

(Yicai) June 30 -- Chinese property developer CIFI Holdings Group announced that it has received court approval for its overseas debt restructuring plan, which was also backed by creditors earlier this month.

CIFI secured the court approval on June 26, and the plan took effect the next day, the Shanghai-based company said. The aim is to reduce the firm’s debt load by USD5.27 billion, which would be 66 percent of its offshore liabilities.

The company also intends to restructure its onshore corporate bonds, which are valued at CNY10.06 billion (USD1.4 billion), with the plan currently under internal review pending finalization.

At a May 12 creditor briefing, CIFI founder Lin Zhong said that completing the domestic and overseas bond restructurings was essential to the company’s survival, and would greatly improve its capital structure and balance sheet.

The builder was in positive equity, exceeding CNY10 billion, at the end of last year, Chief Financial Officer Yang Xin noted at the same briefing.

After the restructuring, CIFI’s property portfolio will have net assets of about CNY130 billion (USD18 billion), mainly in Beijing, Guangzhou, and other key cities, and own investment property worth around CNY46 billion (USD6.4 billion) that generated nearly CNY1.8 billion (USD251 million) in rental income last year, a roughly 10 percent increase on the prior year.

At the end of 2024, CIFI's interest-bearing debt had fallen 30 percent to CNY86.6 billion (USD12 billion) from its peak. Post-restructuring bond liabilities will more than halve to less than CNY30 billion, with debt maturities will extend to nine to 10 years, and interest rates will shrink to bearable levels, Yang said.

CIFI’s shares [HKG: 0884] ended 2 percent lower at HKD0.25 (3 US cents) each in Hong Kong today.

Editor: Tom Litting

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Keywords:   CIFI Holdings Group,Debt Restructuring,Overseas Debt,Debt Reduction