Core Insights - Country Garden's offshore debt restructuring plan has successfully passed a critical milestone, with a total debt scale of approximately $17.7 billion, equivalent to about 127 billion yuan [1][5] - The restructuring plan received over 75% approval from creditors in both debt groups, with 83.71% in the syndicate loan group and 96.03% in the dollar bond and other creditors group [1][5] Debt Restructuring Details - The restructuring plan includes a rare combination of cash resources and equity tools, allowing creditors to share in the potential future upside of Country Garden and exit through the secondary market [2][4] - Country Garden has introduced a diverse toolset for creditors, including cash buybacks, equity tools, new debt swaps, and physical interest payments, enhancing the likelihood of plan approval [2][4] - The controlling shareholder has committed to converting $1.148 billion of shareholder loans into equity, and an employee equity incentive plan has been linked to the company's balance sheet recovery and new debt repayment [2][4] Legal and Procedural Aspects - Following the creditor vote, Country Garden submitted the restructuring plan for court approval, a crucial step in legalizing the restructuring [2] - The complexity of offshore debt restructuring involves navigating various legal systems and addressing the diverse interests of numerous creditors, making court approval essential to enforce the plan [2] Timeline and Progress - The restructuring process has spanned 300 days, from the initial disclosure of key terms on January 9 to the creditor meeting on November 5 [3] - The support for the restructuring plan has increased over time, with significant creditor backing achieved through multiple rounds of negotiations [3] Financial Implications - Upon successful implementation of the restructuring plan, Country Garden expects to reduce its debt by approximately $11.7 billion, corresponding to about 84 billion yuan of interest-bearing debt [6] - The restructuring is projected to yield a maximum of about 70 billion yuan in restructuring gains, significantly enhancing net assets [6] - The financing costs for new debt instruments are expected to drop to a range of 1.0% to 2.5%, alleviating annual interest expenses and easing cash flow pressures [6] Operational Performance - Country Garden has delivered nearly 700,000 units in 2022 and over 600,000 units in 2023, maintaining a leading position in housing delivery [7] - The company has actively pursued asset disposals since 2022, recovering over 65 billion yuan in funds through various asset sales [7] Cost Management and Organizational Changes - The company has implemented four rounds of organizational restructuring since 2023, achieving significant reductions in average labor costs, marketing expenses, and administrative costs [8] - The restructuring aims to transition from risk mitigation to structural upgrades, significantly reducing leverage and improving the balance sheet [8]

经济观察网11月6日，碧桂园公告称，其境外债务重组方案在债权人会议上获高票通过，其中美元债组 别赞成票金额占比高达96.03%。方案下一步将于12月4日提交香港高等法院进行裁定聆讯，此为最终环 节。重组完成后，预计可削减有息债务约人民币840亿元，并确认最高约700亿元重组收益，公司将获得 重大财务缓冲。 ...

Core Viewpoint - The real estate industry is experiencing a peak in debt maturity, with significant debt restructuring progress among leading companies, providing critical confidence for risk mitigation in the sector [1][2][3]. Group 1: Debt Maturity and Restructuring - In Q3 2023, the total debt due for real estate companies reached approximately 160 billion yuan, accounting for 29.95% of the annual total of 534.2 billion yuan [1]. - Sunac China successfully completed its offshore debt restructuring plan, amounting to about 9.6 billion USD, becoming the first major real estate company to achieve a near-zero offshore debt status [2]. - Country Garden's offshore debt restructuring plan, involving approximately 17.7 billion USD, was also approved, marking a significant milestone for the company [3]. Group 2: Restructuring Strategies - Sunac's restructuring plan featured an innovative tiered conversion design, offering creditors two types of mandatory convertible bonds with different conversion prices, enhancing acceptance of the plan [2]. - Country Garden's restructuring utilized a diverse toolkit, including cash buybacks, equity instruments, new debt swaps, and physical interest payments, providing creditors with multiple options [3]. Group 3: Industry-Wide Trends - As of October 30, 2023, 21 distressed real estate companies have completed or received approval for debt restructuring, with a cumulative debt relief of approximately 1.2 trillion yuan, significantly alleviating short-term repayment pressures [4]. - The successful restructuring efforts have led to a reduction in the total interest-bearing liabilities of these companies, which are close to 2 trillion yuan, creating a more favorable environment for industry stabilization [4]. Group 4: Market Outlook - The concentrated debt restructuring efforts have fostered positive expectations for the real estate market, with several brokerage firms expressing optimism about the industry's future [5]. - Analysts predict that the real estate market's supply and demand dynamics are improving, with a potential recovery beginning in 2026, as companies focus on asset-liability balance restoration [5][6]. - The decline in gross profit margins for real estate companies, primarily due to high land acquisition costs and market downturns, is showing signs of stabilization, which could support industry recovery [6].

又一大型房企债务重组实现重大进展。 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 ...

碧桂园境外债重组迎来阶段性的结局。 11月6日，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。这意味着，这家头部民营房企的境外债务重组迈出关键一步。 主动谈判 鲜少被提及的是，在进行境内外债务进行重组之前，碧桂园的公开债偿付仍然在努力进行。2023年8月10日，碧桂园发布盈利预警；三天之后，碧桂园宣布 境内公司债券全部停牌并启动整体展期方案。 境外债的重组则发生于2024年1月，当月16日，碧桂园公告委任外部顾问，就境外债务重组制定整体方案以全面解决债务风险。在"保交付、稳资债、保经 营"的主线任务下，碧桂园境外重组工作自此正式拉开序幕。 据21世纪经济报道记者了解，在重组过程中，碧桂园管理层带领财务团队连续数月与债权人开展"昼夜颠倒"的越洋谈判。其债权人类型众多、利益诉求差异 极大，涵盖中资银行、外资银行、实钱基金、对冲基金、保险资金及私人银行等多类机构，且各方对于股债工具比例、展期和降债期限、收益分配机制均有 不同偏好和限制，更进一步加剧了方案谈判的复杂性。 期间，碧桂园团队一直保持与各方债权人的密切沟通， ...

Core Viewpoint - Country Garden's offshore debt restructuring plan was successfully approved at a creditor meeting on November 5, marking a significant milestone for the company in overcoming its debt challenges [2][4]. Group 1: Debt Restructuring Approval - Over 75% of the voting creditors by debt amount approved the restructuring plan in both debt groups, with 83.71% approval in the syndicated loan group and 96.03% in the USD bond and other creditors group [4]. - The creditor meeting for the first group involved 41 creditors with a total debt amount of $4.1 billion, while the second group attracted 2,382 creditors with a total debt amount of approximately $11.23 billion [4]. - The high participation and support rates reflect creditors' recognition of the company's debt restructuring plan, laying a solid foundation for its implementation [4]. Group 2: Expected Outcomes of Restructuring - Following the restructuring, Country Garden anticipates a debt reduction of approximately $11.7 billion, corresponding to about 84 billion RMB in interest-bearing debt [5]. - The company expects to recognize a maximum restructuring gain of around 70 billion RMB, significantly enhancing its net assets [5]. - The financing costs for new debt instruments are projected to drop to a range of 1.0% to 2.5%, which will save substantial interest expenses and alleviate cash flow pressure [5]. Group 3: Role of Major Shareholders - The controlling shareholder played a crucial role in the restructuring process, committing to convert $1.14 billion in shareholder loans into equity at a price of HKD 0.60 per share [8]. - Since 2021, the controlling shareholder has provided approximately 10.6 billion HKD in interest-free, unsecured loans and guarantees for related notes [8]. - The restructuring employs a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments to systematically reshape the debt structure [8]. Group 4: Domestic Debt Restructuring Progress - Concurrently, Country Garden's domestic debt restructuring is nearing completion, with eight out of nine domestic bonds totaling approximately 13.33 billion RMB already approved by bondholders [8]. - The company reported a revenue of approximately 72.57 billion RMB and a net loss of about 19.65 billion RMB in its mid-2025 earnings report [8]. Group 5: Sales and Deliveries - As of October 2023, Country Garden achieved a contract sales amount of approximately 27.96 billion RMB, with over 1.8 million homes delivered since 2022 [9]. - The company has raised over 65 billion RMB through asset disposals since 2022, including approximately 6.374 billion RMB from selling various equity investments [9].

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].

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 ...