Core Viewpoint - Country Garden's offshore debt restructuring plan has been approved by a majority of creditors, marking a significant milestone for the company in overcoming its debt challenges [1][3]. Group 1: Debt Restructuring Details - The total debt involved in the offshore restructuring amounts to approximately $17.7 billion, equivalent to about 127 billion yuan [1]. - In the voting process, over 75% of the creditor amount voted in favor of the restructuring in both debt groups, with 83.71% approval in the syndicated loan group and 96.03% in the USD bond and other creditors group [3]. - The restructuring process has taken 300 days, demonstrating high execution capability and market recognition [3]. Group 2: Support from Major Shareholders - The controlling shareholder of Country Garden has shown significant commitment by converting $1.148 billion of shareholder loans into equity and providing approximately 3 billion HKD in cash support since August 2023 [3]. - The controlling shareholder has also mortgaged shares from other listed companies to provide 1 billion yuan in shareholder loans specifically for housing delivery and other designated purposes [3]. Group 3: Financial Impact and Industry Significance - Post-restructuring, Country Garden expects to reduce its debt by approximately $11.7 billion, corresponding to about 84 billion yuan in interest-bearing debt, and anticipate recognizing up to 70 billion yuan in restructuring gains, significantly enhancing net assets [5]. - The successful restructuring is seen as a milestone for the industry, alleviating systemic concerns regarding private real estate companies and contributing to an improved credit environment [5]. - As of November 5, Country Garden's market capitalization stood at 15.95 billion HKD [5].

Core Viewpoint - Country Garden successfully completed a $17.7 billion offshore debt restructuring in 300 days, with over 75% approval from creditors, indicating a significant step towards financial recovery [1][5]. Group 1: Debt Restructuring Details - The offshore debt restructuring plan was approved on November 5, with a total debt amount of approximately $17.7 billion, equivalent to about 127 billion yuan [1]. - The restructuring involved 34 offshore debts or repayment obligations across multiple legal jurisdictions, including U.S. dollar bonds, convertible bonds under UK law, and syndicated loans under Hong Kong law [5]. - In the first group (syndicated loans), 33 out of 41 creditors voted in favor, representing 83.71% of the total claims of approximately $4.1 billion. In the second group (U.S. dollar bonds and others), 2,364 out of 2,382 creditors supported the plan, accounting for 96.03% of claims totaling about $11.2 billion [5]. Group 2: Implications of the Restructuring - The high approval rate reflects creditors' rational assessment, as liquidation could lead to lower recovery rates compared to the restructuring plan [6]. - The restructuring is expected to significantly reduce Country Garden's debt load, with an estimated reduction of interest-bearing liabilities by about $11.7 billion, leading to a substantial improvement in the balance sheet [6][7]. - The restructuring plan employs a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments, providing creditors with various options to choose from [7][8]. Group 3: Support and Future Outlook - The controlling shareholder provided crucial financial support, committing to subscribe for capitalized shares to offset approximately $1.148 billion in shareholder loans at a price of HKD 0.6 per share [8]. - The ongoing debt restructuring efforts across the industry are exploring diverse tools to enhance creditor options and expedite the restructuring process, creating a replicable framework for other distressed real estate companies [8].

Core Viewpoint - Country Garden's offshore debt restructuring plan has been approved by the majority of creditors, marking a significant milestone for the company in overcoming its debt challenges [2][4]. Debt Restructuring Details - The total debt involved in the offshore restructuring amounts to approximately $17.7 billion, equivalent to about 127 billion RMB [2]. - In the voting process, over 75% of the debt amount from creditors who attended and voted supported the restructuring, with 83.71% approval in the syndicated loan group and 96.03% in the dollar bond and other creditors group [4]. - The restructuring process took 300 days, demonstrating high execution capability and market recognition [4]. Shareholder Support - The controlling shareholder of Country Garden has shown significant commitment by converting $1.148 billion of shareholder loans into equity and providing around 3 billion HKD in cash support since August 2023 [4]. - Additionally, the controlling shareholder has mortgaged shares from other listed companies to provide 1 billion RMB in loans specifically for housing delivery and other designated purposes [4]. Financial Impact - Post-restructuring, Country Garden expects to reduce its debt by approximately $11.7 billion, corresponding to about 84 billion RMB in interest-bearing debt [5]. - The restructuring is anticipated to yield up to 70 billion RMB in restructuring gains, significantly enhancing the company's net assets [5]. Industry Significance - The successful completion of Country Garden's offshore debt restructuring is seen as a milestone for the industry, alleviating systemic concerns regarding private real estate companies and improving the overall credit environment [5]. - This event is expected to accelerate the risk clearance process for leading real estate firms and inject critical momentum into the industry's recovery under policy support [5]. Market Valuation - As of November 5, Country Garden's market capitalization stood at 15.95 billion HKD [6].

同日，2023年及2026年港元可转换债券同意徵求会议也通过特别决议案，同意将债券管辖法律变更为香 港法律，以纳入整体重组计划。 根据公告，债权人需于2025年12月1日前通过指定平台提交相关文件，以获取重组对价权益。碧桂园后 续将推进2025年12月4日的法院认许聆讯，重组最终实施仍取决于多项外部因素，公司提醒投资者审慎 决策。 11月6日，碧桂园公告境外债务重组最新进展，核心重组计划及港元可转换债券修订提案均获债权人会 议通过。 公告显示，于11月5日举行的两类计划债权人会议上，重组计划分别获得83.71%(第一类，涉41.01亿美 元债权)及96.03%(第二类，涉112.28亿美元债权)的高比例支持，满足法定批准要求。 核心重组计划及港元可转换债券修订提案均获债权人会议通过。 ...

11月6日，碧桂园控股有限公司（02007.HK）发布公告称，公司境外债务重组方案在11月5日的债权人 会议上获得通过。 公告称，境外债务重组计划已分别获所需的法定大多数计划债权人（第一类）（编注：银团贷款组别） 及计划债权人（第二类）（编注：美元债及其他债权）批准。碧桂园控股有限公司将于12月4日进行的 聆讯上寻求香港高等法院认许该计划。 其中，共计41名计划债权人（第一类）中，债务总额约41亿美元，有33人投赞成票，支持率83.71%； 共计2382名计划债权人（第二类）中，债务总额约112.275亿美元，有2364人投赞成票，支持率 96.03%；均超过香港法律要求的75%门槛。 期限最长达10年，且5年内不再有兑付压力，债券利率下降至1%，且付息方式调整为"先本后息"，将显 著减缓债务偿还对现金流的挤压。 此前，8月29日，碧桂园发布中期业绩公告，截至2025年6月30日止的六个月，期内实现总收入约为人民 币725.7亿元，同比减少28.9%；实现净亏损约196.5亿元，归属于本公司股东应占净亏损约190.8亿元， 同比下滑48.56%。而在去年同期公司实现151亿元利润。报告期内共实现合同销售金额1 ...

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13日，境内公司债券停牌，启动 ...

Core Viewpoint - Country Garden's offshore debt restructuring plan has been successfully approved by creditors, marking a significant step in the company's efforts to manage its financial challenges [1][2]. Group 1: Debt Restructuring Details - The restructuring plan was approved with over 75% of the voting creditors' debt amount in favor, with 83.71% support in the syndicated loan group and 96.03% in the USD bond and other creditors group [1]. - The total debt involved in the restructuring amounts to approximately $17.7 billion, equivalent to about 127 billion yuan [1]. - The restructuring strategy includes a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments, aiming to systematically reshape the debt structure across scale, term, and cost [2]. Group 2: Financial Impact - Post-restructuring, Country Garden expects to reduce its debt by approximately $11.7 billion, corresponding to about 84 billion yuan of interest-bearing debt [2]. - The company anticipates recognizing up to 70 billion yuan in restructuring gains, which will significantly enhance its net assets [2]. Group 3: Support from Major Shareholders - The support from the controlling shareholder has been crucial for the restructuring, with approximately 3 billion HKD in cash support provided since August 2023 [2]. - The controlling shareholder has also mortgaged shares from other listed companies to provide 1 billion yuan in loans specifically for housing delivery and designated purposes [2]. - Cumulatively, the controlling shareholder and family have provided around 10.6 billion HKD in interest-free and unsecured loans since 2021 [2]. Group 4: Business Strategy and Market Position - Country Garden's unaudited operational data shows a significant decline in contract sales, with a 31.3% year-on-year drop to 27.96 billion yuan in the first ten months of the year [3]. - The company is shifting its focus from ensuring housing delivery to debt repair and normal operations, indicating a strategic pivot in response to market conditions [3]. - The company is implementing a "one body, two wings" strategy, focusing on real estate development while expanding into technology construction and property management, aligning with policy directions and creating new growth opportunities [3]. Group 5: Industry Trends - Analysts suggest that many distressed companies will focus on light asset businesses such as property management and asset management post-restructuring, as these require less capital and do not increase interest-bearing liabilities [4]. - The core capabilities of distressed firms, including product strength and brand influence, remain intact, providing a pathway for transformation by leveraging existing resources [4]. - The industry is transitioning from incremental development to stock operation, with significant opportunities in property and asset management sectors [4].

Core Viewpoint - Country Garden's offshore debt restructuring plan has been successfully approved by creditors, marking a significant milestone for the company in overcoming its debt challenges [1][2]. Group 1: Debt Restructuring Details - The restructuring plan was approved with over 75% of the voting creditor amount in favor, with 83.71% support from the syndicate loan group and 96.03% from the dollar bond and other creditors [1]. - The total debt involved in the restructuring amounts to approximately $17.7 billion, equivalent to about 127 billion yuan [1]. - The restructuring strategy includes a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments, aiming to systematically reshape the debt structure across scale, duration, and cost [2]. Group 2: Financial Impact - Post-restructuring, Country Garden expects to reduce its debt by approximately $11.7 billion, corresponding to about 84 billion yuan of interest-bearing debt [2]. - The company anticipates recognizing up to 70 billion yuan in restructuring gains, which will significantly enhance its net assets [2]. Group 3: Operational Strategy - Country Garden's operational focus is shifting from ensuring property delivery to debt repair and normal operations, indicating a critical turning point in its business strategy [3]. - The company is implementing a "one body, two wings" strategy, with real estate development as the core and technology construction and management services as the two wings, aligning with policy directions and creating new growth opportunities [3]. - The company has developed nearly 50 types of construction robots, with 28 already in commercial use as of October 31 [3]. Group 4: Industry Trends - Analysts suggest that many distressed companies will focus on light asset businesses such as property management and asset management after completing debt restructuring, as these require less capital and do not increase interest-bearing liabilities [4]. - The core capabilities accumulated by distressed real estate companies, such as product strength and brand influence, remain intact, providing a viable path for transformation and resource activation [4].

此次纳入境外重组范围的债务规模合计约177亿美元，折合人民币约1270亿元 投资时间网、标点财经快讯 11月6日，碧桂园（02007.HK）公告称，其境外债务重组方案在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。 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。此次纳入境外重组范围的债务规模合计约177亿美元，折合人民币约1270亿元。 接下来，12月4日的法院裁定聆讯，将成为最终重组落地前的最后一环。如若通过，碧桂园这家曾坚守至最后的民营房企，或将真正轻装上阵，步入重构 的新征程。 回顾其历程，从1月9日披露重组方案关键条款，到4月11日正式公告重组支持协议，再到11月5日债权人会议投票通过，全程历时300天，碧桂园管理团队 展现出极高的执行力与市场认可度。 此次境外重组，公司采取"现金回购+股权工具+新债置换+实物付息"等多元组合工 ...

自今年1月9日披露重组方案关键条款，至4月11日正式公布重组支持协议，再到11月5日债权人会议投票通过，全程历时300天，碧桂园境 外债重组"闯关"成功。 11月6日，碧桂园（02007.HK）发布公告，公司境外债务重组方案在11月5日的债权人会议上获得通过。 资金周转方面，碧桂园积极推动各类资产处置，从而实现一定规模的资金回笼。 在两个债务组别的投票中，重组方案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。 这意味着，这家头部民营房企境外债务重组，跨过最为关键的一道"关口"。此次纳入境外重组范围的债务规模合计约177亿美元，折合人民 币高达1270亿元（以兑换汇率7.2计）。 据了解，碧桂园此次境外债重组，采取"现金回购+股权工具+新债置换+实物付息"等多元组合工具，旨在从债务规模、期限、成本三个维度 系统性重塑债务结构，构建更具可持续的财务基础。 按照该公司披露的数据，在境外重组方案所有选项足额认购 ...