Group 1 - The core point of the article is that Country Garden's liquidation hearing has been postponed to May 26, 2025, with creditor support, allowing the company more time to complete its offshore debt restructuring [1] - The Hong Kong High Court approved the postponement request on January 20, 2025, despite the lawyers' request for only a four-week delay [1] - The restructuring proposal aims to significantly deleverage the company, targeting a debt reduction of up to $11.6 billion, extending maturity to a maximum of 11.5 years, and reducing financing costs from approximately 6% to about 2% annually [1] Group 2 - Country Garden is currently in a transitional phase focused on ensuring property delivery and repairing its balance sheet, with no clear timeline for restoring profitability [2] - The company reported a total revenue of approximately 102.1 billion yuan for the first half of 2024, a year-on-year decrease of about 54.9%, and a pre-tax loss of approximately 10.8 billion yuan [2] - As of June 30, 2024, the company's net assets remained positive at 74.1 billion yuan, which is better than market expectations [2] Group 3 - During the first monthly management meeting of 2025, the chairman emphasized the importance of ensuring property delivery and repairing the balance sheet as the core focus for the year [3] - The chairman encouraged all employees to fully commit to ensuring the smooth progress of various tasks to lay a solid foundation for the company's long-term development [3]

截止2023年底碧桂园负债2496亿，其中1923亿是流动负债，手里现金638亿，但是大部分都受限制不能动，能动的只有71亿。 昨晚出了一份离谱的年报，碧桂园公布了2023年的财报，以及2024年上半年的业绩。 对你没看错，是2023年的财报，现在都2025年了，碧桂园才勉 强挤出了前年的年报。 我耐不住好奇去看了一下，2023年亏损1673亿，其中手里的资产（主要是地皮和房子）贬值计提了824亿，金融资产计提、担保减值损失了372亿，这两块 占了7成多，另外3成就是推广费、行政费、财务费用杂七杂八加起来亏的。 然后就是2024上半年，营收下降55%，半年亏了128亿。负债2500亿左右，手里能动用的流动资金也就50-60亿。唯一比市场预期好的是算完这些后，碧桂 园账面上的净资产是正的，有741亿。 但也只是账面资产，碧桂园大量的资产其实很难变现，真要强行变现会打很可怕的折扣，到时候别说741亿，残值够不够抵债都难讲。 这就是昔日宇宙第一房企的体检报告，还在努力挣扎，还在苦苦等待房市转机，只要楼市能显著回暖，让碧桂园把积压的资产变现卖出去，公司多少还能 剩一点。只是当下的楼市还处于阴跌的趋势中，我看了一些外资 ...

Financial Performance - For the six months ended June 30, 2024, the group achieved a total revenue of approximately RMB 102.1 billion, a year-on-year decrease of about 54.9%[4] - The group recorded a pre-tax loss of approximately RMB 10.8 billion during the same period[4] - The company reported a net loss of RMB 15,064 million for the six months ended June 30, 2024, compared to a net loss of RMB 51,461 million for the same period in 2023[21] - Revenue for the first half of 2024 was RMB 102,102 million, a decrease of 54.9% from RMB 226,309 million in the first half of 2023[13] - The cost of sales for the first half of 2024 was RMB 103,806 million, down 58.7% from RMB 250,572 million in the previous year[13] - The company incurred a gross loss of RMB 1,704 million in the first half of 2024, compared to a gross loss of RMB 24,263 million in the same period of 2023[13] - The group has proposed an offshore debt restructuring plan involving approximately USD 9.4 billion in senior notes, HKD 6.9 billion in convertible bonds, and approximately USD 1.9 billion and HKD 24 billion in bank and other borrowings[24] - The pre-tax loss for the first half of 2024 was approximately RMB 10,831 million, an improvement from a pre-tax loss of RMB 46,148 million in the same period of 2023[68] - The loss attributable to shareholders for the first half of 2024 was approximately RMB 12,842 million, compared to 48,932 million in the same period of 2023[69] Sales and Deliveries - The total contracted sales amount attributable to the company's shareholders was approximately RMB 26 billion, corresponding to a contracted sales area of about 2.65 million square meters[4] - The group delivered over 150,000 housing units, with a total delivery area of approximately 18.22 million square meters across 29 provinces and 178 cities[7] - Property sales accounted for RMB 98,829 million, down 55.2% from RMB 220,803 million in the previous year[30] - The average sales price of delivered properties in the first half of 2024 was approximately RMB 7,725 per square meter, excluding VAT[62] Cash Flow and Liquidity - The group's total cash balance as of June 30, 2024, was approximately RMB 44.8 billion, with total borrowings amounting to RMB 250.2 billion[4] - Operating cash flow for the first half of 2024 was a net outflow of RMB 185 million, compared to a net inflow of RMB 3,386 million in the first half of 2023[17] - The company’s cash and cash equivalents at the end of June 2024 were RMB 6,698 million, a decrease from RMB 101,115 million at the end of June 2023[18] - The total amount of the company's priority notes, convertible bonds, corporate bonds, and bank loans was RMB 250,152 million, with RMB 203,546 million classified as current liabilities[21] - The group is actively considering various debt management measures to alleviate short-term liquidity pressure[84] Expenses and Cost Management - Marketing and administrative expenses were approximately RMB 4.9 billion, a year-on-year decrease of 50.8%[4] - The company has seen a 25.3% reduction in management expenses compared to the same period last year, improving operational efficiency[8] - The cost of sales, marketing, and administrative expenses totaled RMB 108,910 million for the six months ended June 30, 2024, down from RMB 261,133 million in 2023[53] Debt and Liabilities - As of June 30, 2024, the total debt of the group includes RMB 147,287 million that has defaulted or cross-defaulted[22] - Certain debts amounting to RMB 147.3 billion were in default or cross-default as of June 30, 2024[85] - The total liabilities after inter-segment eliminations as of June 30, 2024, were RMB 828,305 million, a slight decrease from RMB 899,597 million as of December 31, 2023, indicating a reduction of about 7.9%[32][34] Strategic Initiatives - The company is actively exploring new businesses in construction technology and property management, aiming to enhance cost control and adapt to market changes[9] - The company is implementing a "three guarantees" strategy focusing on ensuring housing delivery, operational stability, and credit protection[6] - The group plans to actively adjust sales and pre-sale activities in response to market changes and aims to recover cash flow from sales and receivables[24] - The group intends to revitalize underperforming assets, including hotels and office buildings, to generate more cash inflow[24] Governance and Compliance - The independent auditor was unable to express a conclusion regarding the appropriateness of the going concern basis for preparing the interim financial information due to significant uncertainties[88] - The company adhered to the corporate governance principles outlined in the Hong Kong Stock Exchange Listing Rules, except for a delay in obtaining appropriate insurance arrangements for directors due to ongoing discussions with insurers[91] - No violations were reported under the standard code for securities trading by directors during the six months ending June 30, 2024[93] Employee and Shareholder Information - As of June 30, 2024, the group employed approximately 29,261 full-time employees[81] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with no dividend declared in 2023[56] - The company's shares have been suspended from trading since April 2, 2024, and will remain suspended until further notice[109]

Financial Performance - For the year ended December 31, 2023, the group achieved a contract sales amount attributable to shareholders of approximately RMB 174.3 billion, with a contract sales area of about 21.7 million square meters[4]. - The total revenue for the year was approximately RMB 401 billion, representing a year-on-year decrease of about 6.8%[4]. - The group reported a pre-tax loss of approximately RMB 167.3 billion for the year[4]. - The company reported a total revenue of RMB 401,015 million for 2023, a decrease of 6.8% compared to RMB 430,371 million in 2022[15]. - The company incurred a net loss of RMB 200,962 million for the year, compared to a loss of RMB 2,962 million in 2022, indicating a substantial decline in financial performance[15][19]. - The basic and diluted loss per share attributable to shareholders was RMB (6.49) for 2023, compared to RMB (0.26) in the previous year[15]. - The company reported a significant increase in financial asset impairment losses, totaling RMB 37,243 million in 2023, compared to RMB 3,059 million in 2022[15]. - The total segment performance showed a loss of RMB 161,782 million for 2023, compared to a profit of RMB 10,059 million in 2022, indicating a significant decline in profitability[33][35]. - The company recorded a pre-tax loss of approximately RMB 167,253 million in 2023, compared to a pre-tax profit of RMB 5,361 million in 2022[69]. - The loss attributable to shareholders for 2023 was approximately RMB 178,400 million, significantly higher than RMB 6,052 million in 2022[69]. Revenue Breakdown - Revenue from property sales decreased to RMB 391.25 million in 2023 from RMB 417.30 million in 2022, a decline of approximately 6.3%[30]. - Revenue from technology construction services fell to RMB 5.39 million in 2023 from RMB 7.99 million in 2022, representing a decrease of about 32.5%[30]. - The revenue from external customers in the real estate development segment was RMB 391,251 million, while the technology construction segment generated RMB 5,391 million, and other segments contributed RMB 4,373 million, totaling RMB 401,015 million[33]. - Revenue from real estate development decreased by 6.2% to approximately RMB 391,251 million in 2023, primarily due to a reduction in property deliveries[62]. - Revenue from technology construction fell by 32.6% to approximately RMB 5,391 million in 2023, attributed to a decline in new business volume due to the downturn in the real estate market[63]. Cash and Debt Management - As of December 31, 2023, the group had total cash of approximately RMB 63.8 billion, with total borrowings reduced to approximately RMB 249.6 billion[4]. - The total debt of the company reached RMB 249,649 million, with RMB 192,373 million classified as current liabilities, highlighting liquidity challenges[19]. - The company faced defaults on RMB 141,982 million of its total debt as of December 31, 2023, raising concerns about its ability to continue as a going concern[20]. - The company’s cash and cash equivalents stood at RMB 7,130 million, with restricted cash amounting to RMB 56,686 million, indicating tight liquidity conditions[19]. - The company’s total liabilities decreased to RMB 19,359 million in 2023 from RMB 32,319 million in 2022, a decline of about 40.1%[45]. - The company reported a decrease in other payables related to pre-sale properties, down to RMB 58,656 million in 2023 from RMB 66,087 million in 2022, a decline of about 11.3%[42]. - The company’s interest payments on priority notes decreased to RMB 2,514 million in 2023 from RMB 3,914 million in 2022, a reduction of approximately 35.7%[43]. - The group is actively managing debt risks and engaging in discussions for debt restructuring and financing cost reduction[8]. - The proposed offshore debt restructuring involves approximately $9.4 billion in US dollar-denominated senior notes, HK$6.9 billion in convertible bonds, and around $1.9 billion and HK$24 billion in bank and other borrowings[22]. Operational Highlights - The group delivered over 600,000 housing units, with a total delivery area of approximately 71.62 million square meters across 249 cities[7]. - The group aims to maintain operational stability and has seen a 20.1% reduction in management expenses compared to the previous year[8]. - The company is committed to the "three guarantees" strategy: ensuring housing delivery, maintaining operations, and preserving credit[6]. - The group aims to actively adjust sales and pre-sale activities in response to market changes, focusing on core areas in the Chinese real estate market[22]. - The group plans to closely monitor the construction progress of real estate development projects to ensure timely completion and delivery of pre-sold properties[24]. - The group intends to revitalize underperforming assets, including hotels and office buildings, to generate more cash inflow[22]. - The group is facing significant liquidity pressure and is implementing various plans to alleviate this pressure and improve financial conditions[78]. - The group aims to enhance cash flow safety and actively manage stagnant assets while strictly controlling expenditure[82]. Corporate Governance and Compliance - The audit committee reviewed the annual performance and assisted the board in financial reporting procedures and risk management[91]. - The company adhered to good corporate governance principles throughout the year ended December 31, 2023, except for one instance of non-attendance at the annual general meeting[93]. - The company did not recommend or declare any dividends for the years ended December 31, 2023, and 2022[56]. - The company has not purchased, repurchased, sold, or redeemed any shares during the year ended December 31, 2023[107]. - The company’s shares were suspended from trading on April 2, 2024, until further notice[113]. Shareholder Information - The company issued 351 million shares at a price of HKD 0.77 per share on September 4, 2023, increasing the total issued shares to 27,988 million[50]. - As of December 31, 2023, a total of 165,746,992 shares were granted under the share incentive plan, net of exercised and lapsed awards[99]. - The total number of shares held under the share incentive plan by the trustee was 283,259,032 shares as of December 31, 2023[99]. - The total number of shares available for grant under the stock option plans as of January 1, 2023, is 2,048,830,798 shares[100]. - No stock options were granted under the plans during the year ended December 31, 2023[100].

债市要闻 【央行决定在港发行600亿元离岸人民币央行票据】 1月15日（周三）中国人民银行将通过香港金融管理局债务工具中央结算系统（CMU）债券投标平台， 招标发行2025年第一期中央银行票据。第一期中央银行票据期限6个月（182天），为固定利率附息债 券，到期还本付息，发行量为人民币600亿元，起息日为2025年1月17日，到期日为2025年7月18日，到 期日遇节假日顺延。 深交所联合中国结算深圳分公司定于2025年1月11日组织全网测试，测试内容主要涵盖两个方面：一是 延长债券回售等业务时间及优化相关交易参考信息发布；二是深市基金流动性服务商服务费用支付方式 优化业务。据悉，此次测试拟通过模拟延长债券回售、回售撤销、购回业务时间，以及静态交易参考信 息新增发布债券回售、回售撤销、回售转售、购回业务起止日期等信息，检验市场参与各方技术系统的 正确性。同时，通过模拟深市基金流动性服务商服务费用支付业务的办理过程，检验市场参与各方技术 系统的正确性。此次测试完成后，延长债券回售等业务时间及优化相关交易参考信息发布相关技术系统 上线，深市基金流动性服务商服务费用支付方式优化相关技术系统上线。 【今年地方债发行序 ...

财联社1月9日讯（记者 王海春） 1月9日晚间，碧桂园披露了境外债重组最新进展。 碧桂园本次公布了重组提案的关键条款，其已和七家知名银行（均为碧桂园长期业务伙伴）组成的协调 委员会达成共识。 "该提案将构成进一步谈判和具体文件的框架，旨在落实公司的境外债务重组。这标志着公司在落实重 组方面取得重大进展，具有重要的里程碑意义。"碧桂园方面表示。 据了解，该重组提案若得以落实，有望最多减少116亿美元债务，将使碧桂园实现大幅去杠杆化。这其 中，包括将债务到期时间最多延长至11.5年以及降低融资成本，目标是将加权平均借贷成本，从重组前 的每年的约6%，降低至重组后的每年约2%。 该重组提案将向债务持有人、贷款人提供多个经济选项，将债务转换为现金（通过要约回购）、强制性 可转换债券、新票据或贷款融资（连同新票据统称"新债务工具"），以配合债权人不同偏好及需要。 具体来看，碧桂园向债权人提供的5个选项包括：一是在交易生效日，将债权人所持债务通过要约回购 出售予碧桂园，以换取现金，但价格较债务的面值存在折让。二是纯粹股权化，将采取强制性可转换债 券形式。三是年期延长及部分股权化（以强制性可转换债券及票据或贷款融资的形式） ...

财联社1月7日讯（记者 王海春） 碧桂园1月6日召开2025年第一次集团月度管理会议。本次会议上，碧 桂园集团董事会主席杨惠妍明确，保交房和修复资产负债表，是公司今年的工作核心。 杨惠妍认为，政府出台的一系列政策为市场注入了新活力，显著增强了信心。随着政策环境不断优化， 行业将逐步恢复活力，只要坚持不懈，企业也将伴随着行业复苏逐渐进入到更为良性的发展循环中。 "要积极响应政府出台的相关政策，努力寻找机会推动资产有效盘活，为保交房工作提供强有力的资金 支持，进而促进公司整体运营的良性循环。"碧桂园管理层称。 碧桂园管理层表示，常规销售是其当前现金流主要来源，只有通过持续的销售增长，公司才能有足够的 资金，来支持保交房项目顺利推进。 从销售业绩来看，据该公司此前披露的数据，2024年1月至11月，碧桂园实现归属公司股东权益的合同 销售金额约437.5亿元。 另据碧桂园官网公布的信息，在面临市场压力背景下，公司积极推进有效销售，12月销售业绩环比录得 一定幅度上涨。 该公司管理层指出，应抓住春节楼市机遇，包括返乡置业及海南等旅游热点地区的销售窗口，做好春节 销售"开门红"。 保交付方面，碧桂园2024年全年已累计交 ...

集团管理层表示，2025年交房任务总量较去年明显减少，要提前做好资源的规划和支持，确保交房工作 的顺利进行。 财联社1月6日电，碧桂园1月6日召开2025年第一次集团月度管理会议。 集团董事会主席杨惠妍指出，新的一年，集团工作将围绕保交房和修复资产负债表两大关键任务展开。 ...

Group 1 - The company reported a cumulative contract sales amount of approximately 43.75 billion yuan attributable to shareholders for the period from January to November 2024 [1] - The company is currently in discussions with major creditor groups regarding the economic terms of an overall plan for the restructuring of its offshore debt [1] - The auditor is reviewing the performance for the year ending December 31, 2023, and the company’s board and management will continue to work closely with the auditor to publish the annual results and reports as soon as feasible [1] Group 2 - The company will continue to collaborate with professional advisors to advance the progress of its resumption of trading [2]

财联社12月31日电，碧桂园公告称，1-11月集团累计实现归属公司股东权益的合同销售金额约437.5亿 元；核数师正在审核截至2023年12月31日止年度的业绩；公司仍在与主要债权人团体就境外债务重组整 体方案的经济条款进行进一步商议；称公司将继续与专业顾问合作以推进复牌进展。 ...