碧桂园时隔9个月终复牌，盘中一度涨近30%，带动地产股全线大涨

Core Viewpoint - Country Garden has successfully resumed trading after a suspension of over nine months, with significant market reactions and a strong increase in stock price following the announcement [1][2]. Group 1: Resumption of Trading - On January 21, Country Garden announced its resumption of trading on the Hong Kong Stock Exchange, having met all requirements set by the resumption guidelines [1][3]. - The stock price opened over 3% higher and peaked with an increase of nearly 30%, closing at HKD 0.60 per share, reflecting a 23.71% rise [1]. Group 2: Financial Performance and Debt Restructuring - In 2023, Country Garden reported a total revenue of approximately CNY 401 billion, a year-on-year decrease of about 6.8%, and a net loss of CNY 200.96 billion [6]. - The company achieved a contract sales amount of approximately CNY 174.3 billion in 2023, with a sales area of about 21.7 million square meters [6]. - For the first half of 2024, the company reported a total revenue of approximately CNY 102.1 billion and a pre-tax loss of about CNY 10.8 billion, indicating a significant narrowing of losses compared to 2023 [6][7]. - The company aims to reduce its offshore debt by up to USD 11.6 billion through a debt restructuring proposal, with a consensus reached with a committee of seven banks holding approximately USD 1.728 billion in debt [4][8]. Group 3: Market and Policy Environment - The resumption of trading and the positive market response are influenced by recent favorable policies aimed at stabilizing the real estate market, which have led to a rise in stock prices for other property companies [1][12]. - The central government has emphasized the need to promote stability in the real estate market, with plans to expand the use of special bonds for land acquisition and stockpiling of unsold properties [13][14]. - Country Garden has delivered over 380,000 housing units in 2024, leading the industry, although it still falls short of its target of 480,000 units [14].