（图源：视觉中国） 据蓝鲸新闻了解，此次债务重组谈判涉及的债权人类型众多、利益诉求差异极大，涵盖中资银行、外资银行、实钱基金、对冲基金、保险资金及 私人银行等多类机构，且各方对于股债工具比例、展期和降债期限、收益分配机制均有不同偏好和限制，更进一步加剧了方案谈判的复杂性。 碧桂园此次境外债务重组推出"现金回购+股权工具+新债置换+实物付息"多元工具组合。具体来看，方案包括现金、全额转股、大额转股与小额 留债组合、小额转股与大额留债组合、全额留债等多个选项。 为了赢得债权人的信任，10月13日，碧桂园控股股东带头将11.48亿美元股东贷款的结余部分全额转股。 蓝鲸新闻11月6日讯（记者 彭乐怡）历时300天，碧桂园境外债务重组迎来了关键时刻。 11月6日，碧桂园（02007.HK）公告，其境外债务重组方案在5日的债权人会议上顺利通过。在银团贷款和美元债及其他债权等两个债务组别的投 票中，均获得出席并投票的债权人中超过75%债权金额的赞成票，达成裁定通过的必要条件。 根据公告，在境外重组方案所有选项足额认购的情况下，重组完成后碧桂园预计降债规模约117亿美元，对应约人民币840亿元有息债务。重组完 成后，预计确认 ...

Core Insights - On November 5, Country Garden's offshore debt restructuring plan was approved at a creditors' meeting, marking a significant milestone in the real estate "debt reduction" history, involving approximately $17.7 billion (around 127 billion RMB) and resulting in a debt reduction of about $11.7 billion (approximately 84 billion RMB) [1][10] - Another major real estate company, Sunac China, also received court approval for its second offshore debt restructuring on the same day, indicating a broader trend among leading private real estate firms [2][3] - The successful debt restructurings of Country Garden and Sunac China signal a potential recovery phase for the real estate sector, as these companies demonstrate resilience and the ability to negotiate survival strategies [3][10] Company-Specific Developments - Country Garden's debt restructuring process took 300 days and involved a complex negotiation with various creditors, including Chinese and foreign banks, hedge funds, and private equity [4][7][9] - The restructuring plan received overwhelming support, with 96.03% approval from the dollar debt group and 83.71% from the syndicate loan group, reflecting creditor confidence in the company's future [8][10] - The restructuring is expected to generate up to 70 billion RMB in gains, significantly enhancing Country Garden's net assets and providing a financial buffer for future operations [10][11] Industry Trends - The successful debt restructurings of major players like Country Garden and Sunac China provide a template for other struggling firms, indicating that even the largest and most complex debts can be managed through negotiation [10][12] - The real estate sector is transitioning from a phase of panic to one of stabilization, as evidenced by the successful restructuring efforts, which alleviate systemic concerns about private real estate companies [10][12] - The industry is moving towards a focus on quality and sustainable development, as indicated by the shift in Country Garden's strategy from merely ensuring delivery of existing projects to planning new developments [11][12]

Core Insights - Country Garden's offshore debt restructuring plan has successfully passed a critical milestone, with a total debt scale of approximately $17.7 billion, equivalent to about 127 billion yuan [1][5] - The restructuring plan received over 75% approval from creditors in both debt groups, with 83.71% in the syndicate loan group and 96.03% in the dollar bond and other creditors group [1][5] Debt Restructuring Details - The restructuring plan includes a rare combination of cash resources and equity tools, allowing creditors to share in the potential future upside of Country Garden and exit through the secondary market [2][4] - Country Garden has introduced a diverse toolset for creditors, including cash buybacks, equity tools, new debt swaps, and physical interest payments, enhancing the likelihood of plan approval [2][4] - The controlling shareholder has committed to converting $1.148 billion of shareholder loans into equity, and an employee equity incentive plan has been linked to the company's balance sheet recovery and new debt repayment [2][4] Legal and Procedural Aspects - Following the creditor vote, Country Garden submitted the restructuring plan for court approval, a crucial step in legalizing the restructuring [2] - The complexity of offshore debt restructuring involves navigating various legal systems and addressing the diverse interests of numerous creditors, making court approval essential to enforce the plan [2] Timeline and Progress - The restructuring process has spanned 300 days, from the initial disclosure of key terms on January 9 to the creditor meeting on November 5 [3] - The support for the restructuring plan has increased over time, with significant creditor backing achieved through multiple rounds of negotiations [3] Financial Implications - Upon successful implementation of the restructuring plan, Country Garden expects to reduce its debt by approximately $11.7 billion, corresponding to about 84 billion yuan of interest-bearing debt [6] - The restructuring is projected to yield a maximum of about 70 billion yuan in restructuring gains, significantly enhancing net assets [6] - The financing costs for new debt instruments are expected to drop to a range of 1.0% to 2.5%, alleviating annual interest expenses and easing cash flow pressures [6] Operational Performance - Country Garden has delivered nearly 700,000 units in 2022 and over 600,000 units in 2023, maintaining a leading position in housing delivery [7] - The company has actively pursued asset disposals since 2022, recovering over 65 billion yuan in funds through various asset sales [7] Cost Management and Organizational Changes - The company has implemented four rounds of organizational restructuring since 2023, achieving significant reductions in average labor costs, marketing expenses, and administrative costs [8] - The restructuring aims to transition from risk mitigation to structural upgrades, significantly reducing leverage and improving the balance sheet [8]

经济观察网11月6日，碧桂园公告称，其境外债务重组方案在债权人会议上获高票通过，其中美元债组 别赞成票金额占比高达96.03%。方案下一步将于12月4日提交香港高等法院进行裁定聆讯，此为最终环 节。重组完成后，预计可削减有息债务约人民币840亿元，并确认最高约700亿元重组收益，公司将获得 重大财务缓冲。 ...

Core Viewpoint - The real estate industry is experiencing a peak in debt maturity, with significant debt restructuring progress among leading companies, providing critical confidence for risk mitigation in the sector [1][2][3]. Group 1: Debt Maturity and Restructuring - In Q3 2023, the total debt due for real estate companies reached approximately 160 billion yuan, accounting for 29.95% of the annual total of 534.2 billion yuan [1]. - Sunac China successfully completed its offshore debt restructuring plan, amounting to about 9.6 billion USD, becoming the first major real estate company to achieve a near-zero offshore debt status [2]. - Country Garden's offshore debt restructuring plan, involving approximately 17.7 billion USD, was also approved, marking a significant milestone for the company [3]. Group 2: Restructuring Strategies - Sunac's restructuring plan featured an innovative tiered conversion design, offering creditors two types of mandatory convertible bonds with different conversion prices, enhancing acceptance of the plan [2]. - Country Garden's restructuring utilized a diverse toolkit, including cash buybacks, equity instruments, new debt swaps, and physical interest payments, providing creditors with multiple options [3]. Group 3: Industry-Wide Trends - As of October 30, 2023, 21 distressed real estate companies have completed or received approval for debt restructuring, with a cumulative debt relief of approximately 1.2 trillion yuan, significantly alleviating short-term repayment pressures [4]. - The successful restructuring efforts have led to a reduction in the total interest-bearing liabilities of these companies, which are close to 2 trillion yuan, creating a more favorable environment for industry stabilization [4]. Group 4: Market Outlook - The concentrated debt restructuring efforts have fostered positive expectations for the real estate market, with several brokerage firms expressing optimism about the industry's future [5]. - Analysts predict that the real estate market's supply and demand dynamics are improving, with a potential recovery beginning in 2026, as companies focus on asset-liability balance restoration [5][6]. - The decline in gross profit margins for real estate companies, primarily due to high land acquisition costs and market downturns, is showing signs of stabilization, which could support industry recovery [6].

又一大型房企债务重组实现重大进展。 11月6日早间，碧桂园(HK02007，股价0.570港元，市值159.53亿港元)公告称，其境外债务重组方案在11月5日举行的债权人会议上顺利通过。在两个债务 组别的投票中，均获得出席并投票的债权人中超过75%债权金额的赞成票。其中，组别一(银团贷款组别)赞成票对应债权金额占组别一出席并投票债权金 额的83.71%；组别二(美元债及其他债权)赞成票对应债权金额占组别二出席并投票债权金额的96.03%，达成裁定通过的必要条件。 这也意味着，这家头部民营房企的境外债务重组跨过最关键的一道坎。根据公告，在境外重组方案所有选项足额认购的情况下，重组完成后碧桂园预计降 债规模约117亿美元，对应约人民币840亿元(如无特别说明，均为人民币，下同)有息债务。更为关键的是，重组完成后预计确认最高约700亿元重组收 益。 历时300天 在本轮持续数年的行业深度调整中，房企债务风险高企，其面临的形势之严峻前所未有。中指研究院监测显示，2020年房企首次出险，2021年出险房企数 量增至16家，2022年更是达到44家。 碧桂园爆雷始于2023年。当年8月10日，碧桂园发布盈利预警；同年8月 ...

多家房企债务重组现新进展 涉及化债金额约1.2万亿元 编辑：郭晋嘉 广告等商务合作，请点击这里 碧桂园的债务重组也有新进展。据该公司6日公告，碧桂园境外债务重组方案获投票通过，其中重组债 务规模约177亿美元(约1270亿元人民币)，对应约840亿元人民币有息债务，债务总额大幅降低。新债务 工具融资成本降至1.0%-2.5%，最长债务期限延长至11.5年，每年可节省巨额利息支出，且未来5年内无 集中兑付压力，为经营恢复提供了宝贵的缓冲期。此外，公告显示，碧桂园提供"现金回购+股权工具 +新债置换+实物付息"等多元组合选项，债权人可根据自身需求选择不同方案，多元工具组合提升了方 案通过的可能性。 据中指研究院监测数据，截至目前，内地21家出险房企债务重组、重整获批或完成，化债总规模约合 1.2万亿元人民币。 广东省住房政策研究中心首席研究员李宇嘉表示，此番不少企业债务重组方案的核心已不是展期，而是 直接"削债"，即通过债权转股权、降低债务偿还利率，直接减少债务。从已披露的"削债"比例来看，多 数企业境外债重组削减幅度超过50%，部分达到70%。 他指出，近年来，房地产发展新模式渐次落地，部分轻装上阵的房企取得业 ...

碧桂园境外债重组迎来阶段性的结局。 11月6日，碧桂园公告，其境外债务重组方案在11月5日的债权人会议上顺利通过。在两个债务组别的投票中，均获得出席并投票的债权人中超过75%债权金 额的赞成票。这意味着，这家头部民营房企的境外债务重组迈出关键一步。 主动谈判 鲜少被提及的是，在进行境内外债务进行重组之前，碧桂园的公开债偿付仍然在努力进行。2023年8月10日，碧桂园发布盈利预警；三天之后，碧桂园宣布 境内公司债券全部停牌并启动整体展期方案。 境外债的重组则发生于2024年1月，当月16日，碧桂园公告委任外部顾问，就境外债务重组制定整体方案以全面解决债务风险。在"保交付、稳资债、保经 营"的主线任务下，碧桂园境外重组工作自此正式拉开序幕。 据21世纪经济报道记者了解，在重组过程中，碧桂园管理层带领财务团队连续数月与债权人开展"昼夜颠倒"的越洋谈判。其债权人类型众多、利益诉求差异 极大，涵盖中资银行、外资银行、实钱基金、对冲基金、保险资金及私人银行等多类机构，且各方对于股债工具比例、展期和降债期限、收益分配机制均有 不同偏好和限制，更进一步加剧了方案谈判的复杂性。 期间，碧桂园团队一直保持与各方债权人的密切沟通， ...

Core Viewpoint - Recent significant progress has been made in the debt restructuring of several real estate companies, with notable achievements from Sunac China and Country Garden, indicating a potential acceleration in the overall risk clearance process in the real estate sector [2][3][6]. Group 1: Sunac China - On November 5, Sunac China announced that its approximately $9.6 billion (about 96 billion) offshore debt restructuring was approved by the Hong Kong High Court, making it the first large real estate company to achieve a "zero" status in offshore debt [2][4]. - The successful restructuring is expected to reduce Sunac's overall debt pressure by nearly 60 billion (approximately 600 million) and save substantial interest expenses annually, leading to a significant repair of its balance sheet [4]. - Sunac is focused on delivering over 50,000 projects by the end of the year, which is crucial for restoring market confidence and maintaining social stability [5]. Group 2: Country Garden - On November 6, Country Garden announced that its offshore debt restructuring plan was approved with a high vote at the creditors' meeting held on November 5, achieving over 75% approval in both debt groups [6][7]. - The restructuring involves approximately $17.7 billion (about 127 billion) in debt, with an expected reduction of interest-bearing liabilities by about $11.7 billion (approximately 84 billion), significantly improving its balance sheet [7]. - The new debt instruments will have a financing cost reduced to 1.0%-2.5% and extend the debt maturity to 11.5 years, providing a valuable buffer period for operational recovery [7]. Group 3: Industry Overview - As of now, 21 distressed real estate companies have completed or received approval for debt restructuring, with a total debt reduction scale of approximately 1.2 trillion yuan, significantly alleviating short-term repayment pressures [3][8]. - The total interest-bearing liabilities of these companies are close to 2 trillion yuan, indicating a reduced short-term repayment pressure and entering a safer period [8]. - The successful debt restructuring of Sunac serves as a reference for other distressed companies, highlighting the importance of flexible restructuring plans and substantial debt reduction [8][9].

Core Viewpoint - Country Garden's offshore debt restructuring plan was successfully approved at a creditor meeting on November 5, marking a significant milestone for the company in overcoming its debt challenges [2][4]. Group 1: Debt Restructuring Approval - Over 75% of the voting creditors by debt amount approved the restructuring plan in both debt groups, with 83.71% approval in the syndicated loan group and 96.03% in the USD bond and other creditors group [4]. - The creditor meeting for the first group involved 41 creditors with a total debt amount of $4.1 billion, while the second group attracted 2,382 creditors with a total debt amount of approximately $11.23 billion [4]. - The high participation and support rates reflect creditors' recognition of the company's debt restructuring plan, laying a solid foundation for its implementation [4]. Group 2: Expected Outcomes of Restructuring - Following the restructuring, Country Garden anticipates a debt reduction of approximately $11.7 billion, corresponding to about 84 billion RMB in interest-bearing debt [5]. - The company expects to recognize a maximum restructuring gain of around 70 billion RMB, significantly enhancing its net assets [5]. - The financing costs for new debt instruments are projected to drop to a range of 1.0% to 2.5%, which will save substantial interest expenses and alleviate cash flow pressure [5]. Group 3: Role of Major Shareholders - The controlling shareholder played a crucial role in the restructuring process, committing to convert $1.14 billion in shareholder loans into equity at a price of HKD 0.60 per share [8]. - Since 2021, the controlling shareholder has provided approximately 10.6 billion HKD in interest-free, unsecured loans and guarantees for related notes [8]. - The restructuring employs a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments to systematically reshape the debt structure [8]. Group 4: Domestic Debt Restructuring Progress - Concurrently, Country Garden's domestic debt restructuring is nearing completion, with eight out of nine domestic bonds totaling approximately 13.33 billion RMB already approved by bondholders [8]. - The company reported a revenue of approximately 72.57 billion RMB and a net loss of about 19.65 billion RMB in its mid-2025 earnings report [8]. Group 5: Sales and Deliveries - As of October 2023, Country Garden achieved a contract sales amount of approximately 27.96 billion RMB, with over 1.8 million homes delivered since 2022 [9]. - The company has raised over 65 billion RMB through asset disposals since 2022, including approximately 6.374 billion RMB from selling various equity investments [9].