Zheng Quan Shi Bao Wang·2025-08-29 12:23Core Viewpoint - Country Garden (碧桂园) has shown resilience in its financial performance and is actively working on debt restructuring to improve its liquidity and reduce financial pressure [1][2]. Financial Performance - In the first half of 2025, Country Garden reported a contract sales amount of approximately 16.75 billion yuan, with a sales area of about 2.05 million square meters, and revenue of around 72.57 billion yuan [1]. - The total assets of Country Garden are approximately 909.3 billion yuan, with net assets of about 23.9 billion yuan, maintaining a positive net asset value [1]. - The company delivered approximately 74,000 housing units in the first half of the year, with a cumulative delivery of over 1.7 million units in the past three years, ranking first in the industry [1]. Debt Restructuring - Country Garden is actively participating in the urban real estate financing coordination mechanism, aiming to alleviate debt pressure through new financing, loan extensions, and reduced financing costs [1]. - As of August 18, over 77% of holders of existing public notes have joined the restructuring agreement, and a support agreement has been established with a committee representing 49% of the syndicated loan principal [1][2]. - The expected debt reduction scale post-restructuring is approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt, significantly lowering the interest-bearing debt scale [2]. Cost Management and Asset Disposal - The new debt financing cost post-restructuring is projected to decrease to 1.0% - 2.5%, which will help reduce interest expenses and cash flow pressure [2]. - Since 2022, Country Garden has disposed of various assets, recovering over 65 billion yuan, including the sale of equity in investment projects totaling approximately 6.374 billion yuan in the past year [2]. Market Position - On August 22, Country Garden was included in the Hang Seng Composite Index, a significant step in its market recovery, attributed to its market capitalization and liquidity metrics [3].