Core Viewpoint - Country Garden's offshore debt restructuring plan has been successfully approved by creditors, marking a significant step in the company's efforts to manage its financial challenges [1][2]. Group 1: Debt Restructuring Details - The restructuring plan was approved with over 75% of the voting creditors' debt amount in favor, with 83.71% support in the syndicated loan group and 96.03% in the USD bond and other creditors group [1]. - The total debt involved in the restructuring amounts to approximately $17.7 billion, equivalent to about 127 billion yuan [1]. - The restructuring strategy includes a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments, aiming to systematically reshape the debt structure across scale, term, and cost [2]. Group 2: Financial Impact - Post-restructuring, Country Garden expects to reduce its debt by approximately $11.7 billion, corresponding to about 84 billion yuan of interest-bearing debt [2]. - The company anticipates recognizing up to 70 billion yuan in restructuring gains, which will significantly enhance its net assets [2]. Group 3: Support from Major Shareholders - The support from the controlling shareholder has been crucial for the restructuring, with approximately 3 billion HKD in cash support provided since August 2023 [2]. - The controlling shareholder has also mortgaged shares from other listed companies to provide 1 billion yuan in loans specifically for housing delivery and designated purposes [2]. - Cumulatively, the controlling shareholder and family have provided around 10.6 billion HKD in interest-free and unsecured loans since 2021 [2]. Group 4: Business Strategy and Market Position - Country Garden's unaudited operational data shows a significant decline in contract sales, with a 31.3% year-on-year drop to 27.96 billion yuan in the first ten months of the year [3]. - The company is shifting its focus from ensuring housing delivery to debt repair and normal operations, indicating a strategic pivot in response to market conditions [3]. - The company is implementing a "one body, two wings" strategy, focusing on real estate development while expanding into technology construction and property management, aligning with policy directions and creating new growth opportunities [3]. Group 5: Industry Trends - Analysts suggest that many distressed companies will focus on light asset businesses such as property management and asset management post-restructuring, as these require less capital and do not increase interest-bearing liabilities [4]. - The core capabilities of distressed firms, including product strength and brand influence, remain intact, providing a pathway for transformation by leveraging existing resources [4]. - The industry is transitioning from incremental development to stock operation, with significant opportunities in property and asset management sectors [4].

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 投资时间网、标点财经快讯 11月6日，碧桂园（02007.HK）公告称，其境外债务重组方案在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。 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，或将真正轻装上阵，步入重构 的新征程。 回顾其历程，从1月9日披露重组方案关键条款，到4月11日正式公告重组支持协议，再到11月5日债权人会议投票通过，全程历时300天，碧桂园管理团队 展现出极高的执行力与市场认可度。 此次境外重组，公司采取"现金回购+股权工具+新债置换+实物付息"等多元组合工 ...

2025.11.06 本 下一步，香港高等法院的裁定聆讯将在12月4日举行，这也是重组落地前的最后一环。若顺利通过，重 组完成后碧桂园预计降债规模人民币840亿元，并预计确认最高约700亿元重组收益。自1月9日披露重组 方案关键条款，这家民营房企也将在历时300天的债务重组谈判后，赢得重要突破。 与此同时，自2022年以来至今年10月份，碧桂园累计交付的房屋量已突破180万套，这也意味着这项攻 坚战逐步进入尾声。随着境外债务重组方案落地及保交房任务的大致完成，碧桂园也将有望步入新的发 展阶段。 境内外债务重组皆获进展 碧桂园的债务重组征程肇始于2024年初。彼时，碧桂园尚未发生公开违约，就主动启动谈判，寻求境外 债务重组整体方案以全面解决债务风险。 对于一家体量如此庞大的开发商来讲，碧桂园此次境外重组债务规模庞大、结构错综复杂，涵盖合计约 177亿美元本息的34笔境外债务或偿债义务，覆盖多个法律辖区，包括纽约法管辖的美元债、英国法管 辖的可转债，以及香港法管辖的银团贷款等。不同司法体系、不同发行结构叠加不同增信结构，使得方 案设计复杂度倍增。 文字数：2376，阅读时长大约4分钟 作者 | 第一财经 郑娜 一 ...

近日，碧桂园在2025年重新上榜《财富》世界500强，引发关注。 11月6日，碧桂园再公告一个好消息：公司境外债务重组方案在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840亿元有息债 务。同时，重组完成后预计确认最高约700亿元重组收益。 接下来，碧桂园将于2025年12月4日上午十时正（香港时间）进行"认许聆讯"。如若法院裁定通过，碧桂园的资产负债情况会得到显著 改善。 此次碧桂园境外重组债务规模庞大、结构错综复杂，涵盖合计约177亿美元本息的34笔境外债务或偿债义务，覆盖多个法律辖区，包括 纽约法管辖的美元债、英国法管辖的可转债，以及香港法管辖的银团贷款等。不同司法体系、不同发行结构叠加不同增信结构，使得 方案设计复杂度倍增。在此基础上，碧桂园还统筹考虑上市公司层面的担保义务与多项双边债务的处理，确保重组方案的法律有效性 与整体可执行性。 碧桂园公告 这场重组拉锯战历时300 ...

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 ...

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]