China Fortune Land Development updates debt restructuring progress

As of November 30, 2025, China Fortune Land Development (CFLD) has restructured financial debts totaling approximately RMB 192.67 bn through various agreements, including domestic corporate bonds and offshore USD bonds, reducing interest and penalty interest by RMB 20.20 bn. Additionally, equity in CFLD's "Happiness Select Platform" and "Happiness Premium Platform" has been utilized to offset financial and operational debts amounting to approximately RMB 23.63 bn.

However, the company reported cumulative outstanding debts of RMB 24.90 bn (excluding interest) as of November 30, 2025. This includes an additional RMB 332 m in unpaid bank and trust loans from November 1 to November 30, 2025.

CFLD also disclosed new litigation and arbitration cases during November 2025, with a total value of RMB 972 m. These cases are currently ongoing, and their outcomes remain uncertain, potentially impacting current or future period profits. The company affirmed its commitment to resolving debt risks, adhering to market-oriented and legal principles to protect creditors' rights.