Core Viewpoint - Country Garden Services has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2][3]. Summary by Sections Share Buyback Activity - On October 14, Country Garden Services repurchased 1 million shares at a price range of HKD 6.180 to HKD 6.200, totaling HKD 618.86 million [2]. - The stock closed at HKD 6.190 on the same day, reflecting a decrease of 1.90%, with a total trading volume of HKD 74.7041 million [2]. - Since October 10, the company has conducted buybacks for three consecutive days, acquiring a total of 1.65 million shares for a cumulative amount of HKD 1,028.26 million, during which the stock price has dropped by 3.28% [2]. Year-to-Date Buyback Summary - Year-to-date, Country Garden Services has executed 31 buybacks, acquiring a total of 12.339 million shares for a total expenditure of HKD 7,973.13 million [3].

Core Viewpoint - Country Garden Services (06098) announced a share buyback plan, indicating confidence in its stock value and potential for future growth [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]

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]

Market Performance - The Hang Seng Index closed at 25,889, down 1.52% for the day but up 29.06% year-to-date [1] - The Hang Seng Tech Index fell 1.83% to 6,145, with a year-to-date increase of 37.54% [1] - The CSI 300 Index decreased by 0.49% to 4,593, with a year-to-date rise of 16.75% [1] - The S&P 500 Index rose 1.56% to 6,654, recovering some losses from the previous week [7] Currency and Commodity Trends - The Renminbi Index is at 97.320, showing a 0.57% increase over the last month but a 1.47% decrease over six months [2] - Brent crude oil prices are at $63.75 per barrel, down 4.15% over the past month but up 2.05% over six months [2] - Gold prices increased by 10.78% in the last month, reaching $4,075.89 per ounce, and have risen 26.93% over six months [2] Company-Specific Developments - Xiaomi's SU7 electric vehicle caught fire after a collision, raising safety concerns regarding electronic door handles [15] - Ant Group's acquisition of Yao Cai Securities has been approved by the Hong Kong Securities and Futures Commission, pending further approval from the National Development and Reform Commission [16] - Country Garden's major shareholder has provided additional support for a proposed restructuring, involving a commitment to subscribe for capitalized shares to offset shareholder loans of approximately $1.14 billion [17] Economic Indicators - China's exports in September increased by 8.3% year-on-year, exceeding market expectations of 6.6% [12] - The trade surplus for September was reported at $90.45 billion, slightly below the expected $98.05 billion [12] - The current business sentiment index for small and medium enterprises in Hong Kong rose to 43.8, indicating improved business conditions [13] IPO and Market Activity - Recent IPOs have shown strong performance, with companies like Zijing Gold International and Xi Puni achieving significant first-day gains [25] - Upcoming IPOs include Xuan Bamboo Biotechnology and Yunji Technology, with expected listing dates in mid-October [25] Sector Performance - The semiconductor and gold sectors showed resilience, with stocks like Hua Hong Semiconductor and Zijin Mining rising [6] - Conversely, sectors such as mobile devices, gaming, and pharmaceuticals faced declines, with notable drops in stocks like Xiaomi and Wuxi AppTec [6] Future Outlook - Despite ongoing uncertainties in the external environment, the robust local economy in Hong Kong and continued growth in mainland China are expected to support local business sentiment [14]

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 ...

Group 1 - The Hong Kong court has approved Country Garden to hold a creditor meeting on November 5 to vote on its previously announced restructuring plan, which is a milestone for the company's offshore debt restructuring [2] - If the restructuring is successful, the company could reduce its debt by approximately $11.7 billion, equivalent to about 84 billion RMB, alleviating offshore liquidity pressure and providing ample space for operational stability [2] - Country Garden has engaged in constructive discussions with its controlling shareholder, Beston Limited, regarding the offset of shareholder loans, with a commitment to subscribe for capitalized shares at a price of HKD 0.60 per share to offset approximately $1.14 billion of shareholder loan balances [2] Group 2 - As of the end of August 2025, Country Garden achieved sales of 27.46 billion RMB, ranking 19th among the top 100 real estate companies in China [2] - The company has stated its focus on improving sales performance, actively revitalizing assets, and enhancing cash flow management to ensure stable and sustainable operations [3] - Country Garden believes it has sufficient financial resources to maintain continuous operations for at least 12 months starting from December 31, 2024, considering the positive outcomes from the proposed plans and measures [3]

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]