Core Viewpoint - Country Garden Services (碧桂园服务) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 1 million shares at a total cost of HKD 6.1886 million [1] - The buyback price per share ranges from HKD 6.18 to HKD 6.20 [1] - The buyback is scheduled for October 14, 2025 [1]

每日晨报│2025 年 10 月 14 日 主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,889 | -1.52% | +29.06% | | 恒生科技指数 | 6,145 | -1.83% | +37.54% | | 国企指数 | 9,222 | -1.45% | +26.51% | | 沪深 300 | 4,593 | -0.49% | +16.75% | | 上证综合指数 | 3,889 | -0.19% | +16.04% | | 深证成份指数 | 13,231 | -0.93% | +27.05% | | 中小板指 | 8,189 | -1.25% | +28.32% | | 道琼斯指数 | 44,372 | -0.63% | +4.30% | | 标普 500 指数 | 6,260 | -0.33% | +6.43% | | 纳斯达克指数 | 20,586 | -0.22% | +6.60% | | 伦敦富时指数 | 8,941 | -0.38% | +9.40% | | CAC40 指数 | ...

Group 1 - The core announcement from Country Garden is regarding the latest developments in its offshore debt restructuring, with a meeting scheduled for November 5, 2025, to discuss the proposed debt arrangement plan [1][2] - The maximum debt reduction target is set at $11.6 billion, with plans to extend the maturity of the debt up to 11.5 years and reduce the average borrowing cost from approximately 6% to around 2% post-restructuring [3][4] - As of December 31, 2023, Country Garden's offshore debt amounts to approximately $16.4 billion, including $10.3 billion in outstanding bond debt and $3.6 billion in syndicated loan debt [3][4] Group 2 - The controlling shareholder, Bishi Limited, has provided additional support for the restructuring, committing to subscribe for capitalized shares at a price of HKD 0.60 per share, which will offset approximately $1.14 billion in shareholder loans [5] - The issuance price of the capitalized shares represents a premium of about 36.4% compared to the closing price on April 11, 2025, and a discount of approximately 3.8% compared to the average closing price over the last five trading days prior to the commitment date [3][5] - In September 2025, Country Garden reported contract sales amounting to approximately $2.58 billion, with a total contracted sales area of about 320,000 square meters [6]

见习记者 荧墨 10月13日深夜，碧桂园（02007.HK） 发布 公告称，根据香港高等法院原讼法庭的命令，公司将于2025年11月5日召开两类计划债权人 的会议，以审议及批准其拟议的债务安排计划。 【导读】碧桂园公告境外债务重组最新进展 最高降债规模达116亿美元 根据香港特别行政区高等法院原讼法庭2025年9月12日的命令，碧桂园将于2025年11月5日下午召开两类计划债权人会议，以上会议均 定 于年利达律师事务所的办事处举行，地址为香港遮打道历山大厦11楼。 除该计划外，碧桂园同时表示，公司将透过现有港元可转换债券同意征求（定义见该计划）实施建议重组，以将现有港元可转换债券（定 义见该计划）的管辖法律变更为香港法律（「建议修订」），从而将现有港元可转换债券纳入该计划。上述会议同样将于2025年11月5日 下午召开。 同时，碧桂园在公告中强调称，继4月11日公告后，碧桂园已与必胜有限公司（公司控股股东所控制的实体）就抵销股东贷款进行建设性讨 论。2025年10月13日，必胜进一步向碧桂园签立一份不可撤回承诺（承诺契据）。 据此，必胜已不可撤回地承诺认购碧桂园将于重组生效日期或之后按每股本公司普通股（资本化 ...

碧桂园方面表示，此举再次体现了控股股东对公司长远成功的信心。截至公告日，建议发行资本化股份 的详细条款仍有待双方进一步磋商，且尚未就建议发行资本化股份订立最终交易协议。 10月13日深夜，碧桂园在港交所发布公告称，香港法庭已同意公司于11月5日召开债权人会议，对前期 已公布的重组方案进行投票。 该会议对公司境外债重组具有里程碑意义，重组成功后公司最高降债规模可达约117亿美元，对应人民 币约840亿元，可有效缓解公司境外流动性压力，为公司运营恢复稳定提供充分空间。 与此同时，继4月11日公告后，碧桂园已与必胜有限公司（简称"必胜"，公司控股股东所控制的实体） 就抵销股东贷款进行建设性讨论。10月13日，必胜进一步向公司签立一份不可撤回承诺，据此，必胜已 不可撤回地承诺认购公司将于重组生效日期或之后按每股公司普通股0.60港元的发行价发行及配发的资 本化股份，以于重组生效日期起即时抵销及结算股东贷款约11.4亿美元（或等值）的结余。 销售层面，据中指院监测数据，2025年1-8月，碧桂园以274.6亿元的销售额，排在全国百强房企销售榜 第19位。 碧桂园于9月底表示，其将持续专注于销售业绩的提升，积极盘活资产， ...

Core Viewpoint - Country Garden is progressing with its offshore debt restructuring, planning creditor meetings for November 5, 2025, to discuss proposed debt arrangements [1] Group 1: Offshore Debt Restructuring - Country Garden will hold meetings for two classes of creditors on November 5, 2025, to review and approve its proposed debt arrangement plan [1] - The company aims to unify its debt handling by seeking consent from holders of existing Hong Kong dollar convertible bonds to change their governing law to Hong Kong law [1] - As of August 18, over 77% of holders of Country Garden's existing public notes have joined the restructuring agreement [1] - The company plans to continue negotiations with major creditors to finalize restructuring terms and implement the proposed restructuring by the end of 2025, which includes issuing mandatory convertible bonds and establishing new debt instruments [1] Group 2: Shareholder Support and Financing - Country Garden's controlling shareholder, Bestwin Limited, has committed to subscribe for capitalized shares at HKD 0.60 per share, aimed at offsetting approximately USD 1.14 billion in shareholder loans, representing a 36.4% premium over the closing price on April 11 [1] - This move reflects the controlling shareholder's confidence in the long-term success of the company [1] Group 3: Domestic Debt Restructuring - The company is also restructuring nine domestic bonds, with eight bondholder meetings approving the restructuring plan, totaling RMB 13.417 billion [2] - Country Garden is actively engaging with bondholders to promote a comprehensive and long-term solution for domestic corporate bonds [2] Group 4: Sales Performance - In September, Country Garden and its subsidiaries achieved a contract sales amount of approximately RMB 2.58 billion, with a contract sales area of about 320,000 square meters [2] - From January to September 2025, the cumulative contract sales amount attributable to the company's shareholders reached approximately RMB 25.06 billion [2] Group 5: Industry Context - Other real estate companies, such as Longfor Group, are also making progress in their debt restructuring efforts, indicating a broader trend in the industry [3] - Recent debt restructuring successes among real estate firms are seen as beneficial for market stabilization and clearing, driven by pressures on cash flow and asset values [3]

就在10月13日，碧桂园还发布了9月份未经审核营运数据。数据显示，2025年9月，碧桂园共实现归属公 司股东权益的合同销售金额约25.8亿元，权益销售建筑面积约32万平方米。 从今年累计销售情况来看，据中指院监测数据，2025年1-8月，碧桂园以274.6亿元的销售额，排在全国 百强房企销售榜第19位；其今年前8个月以229.3亿元的权益销售额，排在第18位。 据碧桂园半年报数据，截至今年6月30日，碧桂园拥有3077个处于不同发展阶段的项目，其中3043个位 于中国内地，34个位于中国内地以外。今年上半年，其在中国内地权益可建建筑面积约10365万平方 米，其中77%分布于广东省以外。 来源：证券时报网 作者：李映泉 负债方面，截至今年6月末，碧桂园总负债约8854.1亿元。据亿翰智库统计，碧桂园、万科A为债务降幅 位列前10名的房企，较去年6月末的负债规模降幅均超过10%。 亿翰智库分析师指出，当前市场环境下，"活下去"成为不少出险房企首要目标。部分企业收缩投资、暂 缓拿地、甚至退出房地产，以各种方式来化解风险。 根据碧桂园公布的信息，公司通过积极响应城市房地产融资协调机制，持续推动境内项目进入白名单， ...

Economic Outlook - Economists have raised their forecasts for U.S. economic growth for this year and next, with GDP expected to grow by 1.8% in 2023, up from a previous estimate of 1.3% [2] - The upward revision is primarily due to significantly improved expectations for business investment [2] - The U.S. economy is projected to grow at a similar pace in 2026 [2] Employment Trends - The average monthly job growth in the U.S. is now expected to be 60,000 for this year, down from a prior forecast of 87,000 [2] - Recent months have shown a notable slowdown in job growth, prompting the Federal Reserve to lower interest rates by 25 basis points in September [2] - Economists anticipate another 25 basis point rate cut from the Federal Reserve this year, followed by a total of 75 basis points in cuts by 2026 [2] Inflation Expectations - The NABE group expects U.S. inflation to remain above the Federal Reserve's 2% target until next year [2] - The year-on-year increase in the PCE price index is projected to decline from 3% this year to 2.5% by the end of 2026 [2] Trade and Economic Policy - The economic outlook has been complicated by significant and frequently changing policy measures from the Trump administration, particularly regarding tariffs [2] - The impact of tariffs on inflation has been slower and more moderate than many economists had anticipated [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並非亦不構成在美國或在根 據其證券法進行登記或取得資格前要約購買或出售任何證券或招攬購買或出售任何證券的要約或銷售任何 證券即屬違法的任何其他司法權區進行該等要約或招攬的任何部份。本公告所述的證券並未亦不會根據 1933年美國證券法登記，在未經登記或獲豁免登記的情況下不得在美國境內發售、出售或以其他方式轉讓。 在美國公開發售的任何證券均將透過售股章程進行，售股章程可從本公司獲得，其中包含有關本公司及管理 層的詳細資料以及財務報表。本公司無意在美國登記本公告所述任何發售的任何部份。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2007） 本公告乃由碧桂園控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作 出。 茲提述本公司日 ...

碧桂园在港交所公告，9月共实现归属公司股东权益的合同销售金额约人民币25.8亿元，归属公司股东 权益的合同销售建筑面积约32万平方米。 ...