Group 1 - The core point of the news is that Country Garden has successfully obtained the necessary approvals for its offshore debt restructuring plan from the required majority of creditors, marking a significant milestone in its financial recovery process [1][2] - The total debt involved in the offshore restructuring amounts to approximately $17.7 billion, equivalent to about 127 billion yuan, with a projected debt reduction of around $11.7 billion post-restructuring [1] - Following the completion of the restructuring, Country Garden expects to recognize a maximum restructuring gain of approximately 70 billion yuan, which will significantly enhance its net assets [1] Group 2 - The company's major shareholder has committed to converting the remaining balance of $1.148 billion in shareholder loans into equity, demonstrating strong support and confidence in the company's recovery efforts [2] - Country Garden has prioritized the delivery of homes, having delivered nearly 700,000 units in 2022 and over 600,000 units in 2023, with plans for further deliveries in the coming years [2] - Analysts view the successful offshore debt restructuring as a milestone for the industry, accelerating the risk clearance process for leading real estate companies and contributing to the stabilization and recovery of the real estate sector under policy support [2] Group 3 - Looking ahead to the 14th Five-Year Plan, the real estate industry is increasingly focused on high-quality development, with Country Garden's integrated strategy expected to create significant opportunities for collaborative growth [3] - The company aims to leverage its full industry chain capabilities, focusing on real estate development while expanding into technology construction and management services, which could inject new momentum into its performance growth [3]

Core Viewpoint - Country Garden has made significant progress in its offshore debt restructuring, with over 75% approval from creditors, and is expected to reduce its debt by approximately RMB 84 billion after the restructuring is completed [2][3][4]. Debt Restructuring Progress - The offshore debt restructuring plan was approved by creditors on November 5, with Group One (syndicated loans) receiving 83.71% approval and Group Two (USD bonds and other debts) receiving 96.03% approval [2]. - The total offshore debt involved is approximately USD 17.7 billion, equivalent to about RMB 127 billion, covering various legal jurisdictions [3]. - The restructuring plan includes a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments, aiming to reduce debt by approximately USD 11.7 billion [4]. Domestic Debt Restructuring - Country Garden has also made progress in its domestic debt restructuring, with a plan involving eight domestic bonds approved on September 29, totaling approximately RMB 13.33 billion [5]. - The domestic restructuring is expected to reduce debt principal by over 50%, with a maximum maturity of 10 years and a lowered interest rate of 1% [5]. Housing Delivery Progress - As of October 2023, Country Garden has delivered over 1.8 million homes since 2022, with 600,000 homes delivered in 2023 alone [2][6]. - Despite a decline in sales, the company is focused on ensuring housing delivery, with significant efforts to secure funding for this purpose [6][7]. - The company has initiated new project planning as it transitions from housing delivery to debt recovery and normal operations [7].

Core Viewpoint - Country Garden has successfully passed a critical milestone in its offshore debt restructuring, with significant approval from creditors, indicating a positive outlook for the company's financial recovery and operational sustainability [1][2]. Group 1: Debt Restructuring - The offshore debt restructuring plan has received the necessary approvals from the majority of creditors, 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]. - Post-restructuring, Country Garden expects to reduce its debt by approximately $11.7 billion, translating to around 84 billion yuan in interest-bearing debt, and anticipates recognizing up to 70 billion yuan in restructuring gains [1]. Group 2: Operational Performance - Country Garden has prioritized the delivery of homes, with nearly 700,000 units delivered in 2022, over 600,000 in 2023, and plans for 380,000 in 2024, totaling over 1.8 million units delivered [2]. - The company is transitioning its focus from ensuring home deliveries to debt recovery and normal operations, which is expected to initiate a positive cycle of value recovery and shared benefits with creditors [2]. Group 3: Industry Implications - The successful completion of Country Garden's debt restructuring is seen as a milestone for the industry, accelerating the risk clearance process for leading real estate firms and contributing to a stabilization of the sector under supportive policies [2]. - The real estate industry is moving towards high-quality development, with Country Garden's integrated strategy of core real estate development and new business ventures in technology construction and management expected to drive growth and market revaluation during the 14th Five-Year Plan [3].

#碧桂园境外债务重组计划获批#【碧桂园：境外债务重组计划获大多数债权人批准】11月6日，碧桂园 在港交所公告，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）及计划债权人（第 二类）批准。公司将于目前订于2025年12月4日上午十时正（香港时间）进行的聆讯上寻求法院认许该 计划。实施建议重组将取决于多项本公司无法控制的因素，且概不保证建议重组将会成功实施或会于 2025年年底前实施。（每日经济新闻，希隆） 5000+上市公司 2025.11.06 07:56 讯 碧桂园:境外债务重组计划 获大多数债权人批准 每经AI快讯 11月6日,碧桂园在港交所公 告,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)及计划债权人(第二 类) 批准。公司将于目前订于2025年12月4日上午 十时正(香港时间)进行的聆讯上寻求法院认许 该计划。实施建议重组将取决于多项本公司无法 控制的因素,且概不保证建议重组将会成功实施 或会于2025年年底前实施。 每日经济新闻 - 专业 深度 故事 传播 本文内容仅供参考,不构成投资建议 据此操作,风险自担 ...

深陷债务困境的碧桂园终于迎来了关键性转机，其境外债务重组方案已获大多数债权人支持，为企业走出困境迈出了实质性一步。 11月6日早间，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。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（以兑换汇率7.2 计）。 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，或将轻装上阵，步入重构的新征程。 重组方案获高票通过 碧桂园境外债务重组投票于11月5日在中国香港正式举行，会议分为两个类别分别进行，投票结果呈现出高度一致性。 根据公告披露的详细数据，第一类计划债权人会议有41名债权人参与，投票债权总额达41亿美元。其中，33名债权人持 ...

Core Viewpoint - Country Garden's offshore debt restructuring plan has received approval from the required statutory majority of plan creditors, indicating a significant step towards addressing its financial challenges [1] Group 1 - The restructuring plan was approved by the necessary statutory majority of plan creditors in two categories: Class 1 and Class 2 [1] - A court hearing is scheduled for December 4, 2025, at 10:00 AM Hong Kong time, where the company will seek court approval for the plan [1] - The successful implementation of the proposed restructuring is contingent on multiple factors beyond the company's control, with no guarantee of success or timely execution by the end of 2025 [1]

Core Viewpoint - Country Garden's offshore debt restructuring plan has received the necessary approvals from the required statutory majority of plan creditors [1] Group 1 - The company announced on November 6 that the offshore debt restructuring plan has been approved by the required statutory majority of plan creditors (Category 1) and plan creditors (Category 2) [1] - A court hearing is scheduled for December 4, 2025, at 10:00 AM (Hong Kong time) to seek court approval for the plan [1] - The implementation of the proposed restructuring will depend on several factors beyond the company's control, and there is no guarantee that the proposed restructuring will be successfully implemented or completed by the end of 2025 [1]

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） 境外債務重組的最新資料 計劃會議及同意徵求結果 本公告乃由碧桂園控股有限公司（「本公司」，連同其附屬 ...

Group 1 - The core viewpoint of the articles is that real estate companies are accelerating debt restructuring efforts, with a total debt reduction scale of approximately 1.2 trillion yuan, significantly alleviating short-term repayment pressures [1][3] - The debt restructuring plans are shifting from merely extending repayment periods to directly reducing debt amounts, providing companies with a chance for "rebirth" [3][4] - Major companies like Country Garden, Sunac, and CIFI are actively engaging in overseas debt restructuring, with some already receiving creditor approvals for their plans [2][5] Group 2 - Sunac China announced that 98.5% of participating creditors approved its overseas debt restructuring plan, which involves converting most debts into equity [6][7] - The debt reduction ratios for many companies exceed 50%, with some reaching up to 70%, significantly lowering their actual debt burdens [8] - Companies that have successfully restructured their debts are now resuming investments, indicating a recovery in market confidence and a potential return to land acquisition [9][10] Group 3 - After completing debt restructuring, many companies are focusing on light asset businesses such as property management and asset management, which require less capital investment [10] - The industry is expected to shift from incremental development to stock operation, with significant opportunities in property and asset management sectors [10]

记者丨吴抒颖 编辑丨张伟贤 代表房企之中， 碧桂园、融创和旭辉等也在近期陆续进行境外债重组投票，其中已有房企获 得债权人的批准，债务重组方案获批成行。 房企本轮化债受到市场关注的缘由是，多数债务重组方案的核心已经不是展期，而是直接削 债，通过大幅降低债务规模获得"重生"的机会。此前，房企与债权人双方博弈强烈，债权人议 价空间较大，但随着市场境况未曾发生扭转，债权人对房企债务的清偿率预期也已经降低。 随着房企债务压力减轻，已有部分此前曾遭遇短期流动性压力的房企重新恢复投资。这也表 明，房企在债务谈判中处理得当的前提下，仍能够在当前的市场之中拥有一席之地，而如果市 场筑底回稳，这类房企也有望得到新生。 大规模削债 房企此轮化债，多数是与债权人的二次博弈。在前次化债的基础上，多数房企寻求降低债务本 金偿还的比例，以此减轻负担。 房企化债加速推进。 中指研究院近期发布的数据显示， 截至今年10月底，21家出险房企化债规模约1.2万亿元，有 望极大减轻这些企业短期内公开债务偿还压力。 同时，出险房企通过多种方式削债，改善资 产负债表，也有利于行业风险出清进程。 | 企业 | 债务重组进展 | 化债总额度 | | --- ...