碧桂园业绩出炉，债务重组近了？

Core Viewpoint - The operating conditions of listed real estate companies remain challenging, with Country Garden expecting a significant increase in losses for the first half of 2025 compared to the same period in 2024 [1][2][3]. Group 1: Financial Performance - Country Garden anticipates a loss between 18.5 billion to 21.5 billion yuan for the first half of 2025, an increase from a loss of 15.1 billion yuan in the same period of 2024 [1][3]. - The losses are attributed to a decline in the scale of real estate project settlements, persistently low gross margins, and increased asset impairments in property projects [2][4]. - Over 60% of listed real estate companies in Shanghai and Shenzhen reported losses in the first half of 2025, marking a 1.1 percentage point increase from the previous year [4]. Group 2: Debt Management - Despite the losses, Country Garden is actively working to mitigate debt risks through proactive communication with stakeholders and restructuring efforts [5]. - The company has made progress in restructuring approximately 14.1 billion USD of offshore debt, with significant support from creditors [6][7]. - Country Garden aims to complete the proposed restructuring by the end of 2025, focusing on improving operational efficiency and adapting to new market conditions [7].