Zheng Quan Ri Bao Wang·2025-08-30 02:45Core Viewpoint - Country Garden Holdings Company Limited reported a significant net loss of approximately 19.65 billion yuan for the first half of 2025, primarily due to a decline in project settlement scale and increased asset impairment amid industry adjustments [1][2]. Financial Performance - The company achieved a total revenue of approximately 72.57 billion yuan in the first half of 2025, with major contributions from real estate development (70.03 billion yuan) and technology construction (2.54 billion yuan) [2]. - As of mid-2025, Country Garden's total assets were approximately 909.3 billion yuan, exceeding total liabilities, which included contract liabilities of about 222 billion yuan [2]. Debt Restructuring Progress - Country Garden has made significant progress in its offshore debt restructuring, with over 77% of the holders of existing public notes agreeing to the restructuring plan as of August 18 [4]. - The restructuring is expected to reduce the debt scale by approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt, significantly lowering the company's financial burden [4]. - The new debt financing costs are projected to decrease to between 1.0% and 2.5%, enhancing cash flow management [4]. Delivery and Operational Strategy - The company has delivered over 1.7 million housing units in the past three years, with more than 70,000 units delivered in the first half of 2025, maintaining a leading position in third-party rankings [3]. - Country Garden has raised over 65 billion yuan through asset disposals since 2022, including the sale of a stake in Blue Arrow Aerospace for approximately 1.305 billion yuan [3]. - The company aims to continue its focus on "guaranteeing delivery" while optimizing resource utilization and responding to government support policies [5].