E-House (China) Enterprise Holdings Limited (Stock Code: 2048) issued an update regarding the plan to restructure its offshore debts, including both older notes (the 2022 Notes and 2023 Notes) and a convertible note. According to the announcement, an ad hoc group comprised of certain initial holders of the old notes was formed in 2025, and the company has been in communication with this group to address its liquidity and financial status.

The company indicated that a debt-for-equity swap is considered the only feasible solution to provide meaningful recovery to creditors. The plan involves fully equitizing the offshore debt through schemes of arrangement in Hong Kong and the Cayman Islands. As of the date of the announcement, no definitive agreement has been reached, and implementation remains subject to creditor support and regulatory approval. The board stated that further announcements will be published if there are any significant developments related to the proposed restructuring.