Feng Huang Wang·2025-08-22 23:17Core Viewpoint - Country Garden (02007.HK) continues to face significant financial pressure, with projected losses for the first half of 2025 estimated between 18.5 billion to 21.5 billion RMB [1][2] Financial Performance - The company's losses have widened compared to a loss of 15.1 billion RMB in the same period of 2024 [2] - For 2023, Country Garden reported a net loss of 178.4 billion RMB, which decreased to a loss of 32.8 billion RMB in 2024, totaling approximately 211.2 billion RMB in losses over the two years [3] Debt Restructuring - Country Garden has made significant progress in its offshore debt restructuring, with key terms agreed upon with the coordinating committee as of August 19, 2025 [3] - The coordinating committee represents 49% of the total principal amount of existing syndicated loans, with over 77% of the second category of debt holders signing the restructuring support agreement [3][4] - The company aims to complete the debt restructuring by the end of 2025, which is crucial for the overall health of the real estate sector [4] Operational Strategy - Despite financial challenges, Country Garden is focused on maintaining operational stability, implementing strict cost management strategies, and enhancing resource utilization [4] - The company delivered approximately 74,000 housing units in the reporting period [4] - For the first half of the year, Country Garden achieved equity sales of 16.75 billion RMB, a decline of 35.45% compared to 25.95 billion RMB in the same period last year [4]