Core Viewpoint - Country Garden (碧桂园) continues to face significant financial pressure, with projected losses for the first half of 2025 estimated between 18.5 billion to 21.5 billion RMB [2][3]. Financial Performance - The company's losses have increased compared to the same period in 2024, which recorded a loss of 15.1 billion RMB [3]. - In 2023, Country Garden reported a net loss of 178.4 billion RMB, and in 2024, the loss was 32.8 billion RMB, totaling approximately 211.2 billion RMB over the two years [4]. Debt Restructuring - Prior to the announcement of the projected losses, Country Garden made significant progress in restructuring its offshore debt, totaling 14.074 billion USD [5]. - As of August 19, 2025, the company reached an agreement on key terms with a coordination committee, with 49% of existing loan principal holders supporting the restructuring [6]. - Over 77% of the second category of debt holders have signed the restructuring support agreement [6]. Operational Strategy - The company is actively working with a special team and the coordination committee to finalize the restructuring documents, aiming to complete the process by the end of 2025 [7]. - Despite financial challenges, Country Garden is focused on maintaining stable operations, implementing strict cost management strategies, and ensuring the delivery of approximately 74,000 housing units during the reporting period [8]. - The company's chairman emphasized that ensuring housing delivery is the top priority and a key operational goal for the short term [8].

Core Viewpoint - Country Garden issued a profit warning, expecting a loss between 18.5 billion yuan and 21.5 billion yuan for the first half of 2025, primarily due to a decline in the scale of real estate project settlements, low gross margins, and increased asset impairment in property projects [1] Group 1 - The company completed the delivery of approximately 74,000 housing units in the first half of the year, including those from joint ventures and associates [1] - The company is actively managing debt risks by communicating with stakeholders to promote overall restructuring of overseas debt, reasonable extension of debt maturities, and moderate reduction of financing costs [1] - The company aims to gradually build a long-term and sustainable healthy capital structure [1]

Primary Market - A total of 31 offshore bonds were issued this week (August 18-22, 2025), including 2 offshore RMB bonds, 19 USD bonds, 8 HKD bonds, 1 THB bond, and 1 JPY bond, with issuance scales of 1.484 billion RMB, 10.097 billion USD, 4.25 billion HKD, 700 million THB, and 10.1 billion JPY [1] - The largest single issuance in the offshore RMB bond market was 774 million RMB by Hangzhou Fuyang Transportation Development Investment Group [1] - The highest coupon rate for RMB bonds this week was 5%, issued by Zhengzhou Jianzhong Construction Development Group [1] - In the USD bond market, the largest single issuance was 5 billion USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 7% issued by Zhangzhou Yuanshan Development Co., Ltd. [1] Secondary Market - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.03% to 246.82 [2] - The investment-grade USD bond index also increased by 0.03% to 239.26, while the high-yield USD bond index rose by 0.04% to 246.82 [2] - The real estate USD bond index decreased by 0.09% to 183.34, while the city investment USD bond index increased by 0.1% to 150.95 [2] - The financial USD bond index rose by 0.04% to 286.88 [2] Default and Restructuring - China Glass announced a default on a loan of 140 million USD, failing to make a payment of 141.7 million USD on the due date [4] - Country Garden is working towards completing its overseas debt restructuring by the end of 2025, with strong support from creditors [10] - Sunac China announced plans to restructure 9.552 billion USD of debt, with approximately 75% of creditors signing a support agreement [11] - Guangzhou Times Holdings announced a suspension of all outstanding corporate bonds starting August 25, 2025, to arrange for future debt repayments [12] - Yuzhou Group's restructuring proposal for its 375 million USD offshore debt due in 2027 has been approved by a majority of qualified bondholders [13] Market News - The Bond Connect Northbound trading volume reached 957.6 billion RMB in July, with policy financial bonds and government bonds being the most active [5] - A total of 14 new science and technology innovation bond ETFs were reported on August 20, indicating rapid expansion in this category [6][7] - The People's Bank of China announced the issuance of 45 billion RMB central bank bills in Hong Kong, with two different maturities [8] Overseas News - The Federal Reserve's July meeting minutes indicated expectations of rising inflation in the short term, with most officials believing inflation risks outweigh employment risks [9]

8月22日晚，碧桂园公告称，对比截至2024年6月30日止半年度的期内亏损约人民币151亿元，预计截至2025年6月30日止半年度的期内损失介乎约人民币 185亿元至215亿元。预计期内损失主要是由于房地产开发项目结算规模下降，毛利率仍处低位，以及物业项目的资产减值增加所致。 同时，集团高度重视债务风险化解，通过积极主动与各利益相关方沟通，推动包括境外债务的整体重组、债务期限的合理延长以及融资成本的适度降低等 多种主动债务管理举措，致力于逐步搭建长期及可持续的健康的资本结构。 碧桂园称，将继续全力以赴推动经营改善，通过组织架构和资源配置有序调整，保障阶段性战略与目标实现，加快构建适应房地产新模式的核心能力，推 动公司早日回归良性的发展循环。 碧桂园在公告中表示，集团保持生产经营稳定，通过执行极限收支的策略，高效利用资源，并建立多样化的动态机制，强化计划运营管理体系。在报告期 内，集团连同其合资企业和联营公司累计完成交付房屋约7.4万套。 来源：上海证券报 编辑：菡木 ...

Group 1 - Country Garden expects a loss of approximately 18.5 billion to 21.5 billion yuan for the half-year period ending June 30, 2025, primarily due to a decrease in the scale of real estate project settlements, low gross margins, and increased asset impairments [1] - The company has delivered approximately 74,000 housing units during the reporting period and is focusing on debt risk mitigation through proactive communication with stakeholders and restructuring efforts [1] - Country Garden has reached an agreement on key terms for its offshore debt restructuring with a bank coordination committee, which represents 49% of the total principal amount of existing syndicated loans [1] Group 2 - As of August 2025, 20 distressed real estate companies have received approval for debt restructuring or reorganization plans, with a total debt resolution scale exceeding 1.2 trillion yuan [2] - The real estate sector has seen positive developments in bond issuance, with companies like Midea Real Estate and Binjiang Real Estate successfully issuing bonds for financing [2] - The Hang Seng Index Company announced that Country Garden will be included in the Hang Seng Composite Index, with changes effective from September 8 [2]

Core Viewpoint - Country Garden (02007.HK) continues to face significant financial pressure, with projected losses for the first half of 2025 estimated between 18.5 billion to 21.5 billion RMB [1][2] Financial Performance - The company's losses have widened compared to a loss of 15.1 billion RMB in the same period of 2024 [2] - For 2023, Country Garden reported a net loss of 178.4 billion RMB, which decreased to a loss of 32.8 billion RMB in 2024, totaling approximately 211.2 billion RMB in losses over the two years [3] Debt Restructuring - Country Garden has made significant progress in its offshore debt restructuring, with key terms agreed upon with the coordinating committee as of August 19, 2025 [3] - The coordinating committee represents 49% of the total principal amount of existing syndicated loans, with over 77% of the second category of debt holders signing the restructuring support agreement [3][4] - The company aims to complete the debt restructuring by the end of 2025, which is crucial for the overall health of the real estate sector [4] Operational Strategy - Despite financial challenges, Country Garden is focused on maintaining operational stability, implementing strict cost management strategies, and enhancing resource utilization [4] - The company delivered approximately 74,000 housing units in the reporting period [4] - For the first half of the year, Country Garden achieved equity sales of 16.75 billion RMB, a decline of 35.45% compared to 25.95 billion RMB in the same period last year [4]

来源 | 上海证券报 8月22日晚，碧桂园公告称， 对比截至2024年6月30日止半年度的期内亏损约人民币151亿元， 预 计截至2025年6月30日止半年度的期内损失介乎约人民币185亿元至215亿元。预计期内损失主要是 由于房地产开发项目结算规模下降，毛利率仍处低位，以及物业项目的资产减值增加所致。 2025.08. 22 本文字数：569，阅读时长大约1分钟 碧桂园在公告中表示，集团保持生产经营稳定，通过执行极限收支的策略，高效利用资源，并建立 多样化的动态机制，强化计划运营管理体系。 在报告期内，集团连同其合资企业和联营公司累计完 成交付房屋约7.4万套。 同时，集团高度重视债务风险化解，通过积极主动与各利益相关方沟通，推动包括境外债务的整体 重组、债务期限的合理延长以及融资成本的适度降低等多种主动债务管理举措，致力于逐步搭建长 期及可持续的健康的资本结构。 碧桂园称，将继续全力以赴推动经营改善，通过组织架构和资源配置有序调整，保障阶段性战略与 目标实现，加快构建适应房地产新模式的核心能力，推动公司早日回归良性的发展循环。 微信编辑 | 苏小 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 ...

0:00 8月22日，碧桂园公告，预计截至2025年6月30日止半年度的期内损失介乎约人民币185亿元至人民币215 亿元，对比截至2024年6月30日止半年度的期内亏损约人民币151亿元。预计期内损失主要是由于房地产 开发项目结算规模下降，毛利率仍处低位，以及物业项目的资产减值增加所致。 ...

人民财讯8月22日电，碧桂园8月22日在港交所公告，预计截至2025年6月30日止半年度的期内损失介乎 约185亿元至215亿元。预计期内损失主要是由于：1.房地产开发项目结算规模下降，毛利率仍处低位； 2.结合行业、市场和经营环境变化，物业项目的资产减值增加。 ...

Core Viewpoint - Country Garden (碧桂园) reported a loss of approximately RMB 15.1 billion for the half-year period ending June 30, 2024, and anticipates a loss of between RMB 18.5 billion to RMB 21.5 billion for the half-year period ending June 30, 2025, primarily due to a decline in the scale of real estate project settlements and low gross margins [1] Financial Performance - The company expects significant losses in the upcoming periods, with the projected loss range indicating a worsening financial outlook compared to the previous half-year [1] - The anticipated losses are attributed to increased asset impairments in property projects, influenced by changes in the industry, market, and operational environment [1] Operational Strategy - The company maintains stable operations by implementing a strict income and expenditure strategy, optimizing resource utilization, and establishing a diversified dynamic mechanism [1] - During the reporting period, the company and its joint ventures delivered approximately 74,000 housing units [1] Debt Management - The company emphasizes debt risk mitigation through proactive communication with stakeholders, aiming for overall restructuring of overseas debts, reasonable extension of debt maturities, and moderate reduction of financing costs [1] - The focus is on gradually building a long-term and sustainable healthy capital structure [1] Future Outlook - The company is committed to improving operations by orderly adjusting organizational structure and resource allocation to ensure the achievement of strategic goals [1] - There is a focus on accelerating the development of core capabilities that adapt to the new real estate model, aiming for a return to a positive development cycle [1]