Di Yi Cai Jing·2025-11-06 02:13Core Viewpoint - Country Garden has made significant progress in its offshore debt restructuring, with over 75% approval from creditors, and is expected to reduce its debt by approximately RMB 84 billion after the restructuring is completed [2][3][4]. Debt Restructuring Progress - The offshore debt restructuring plan was approved by creditors on November 5, with Group One (syndicated loans) receiving 83.71% approval and Group Two (USD bonds and other debts) receiving 96.03% approval [2]. - The total offshore debt involved is approximately USD 17.7 billion, equivalent to about RMB 127 billion, covering various legal jurisdictions [3]. - The restructuring plan includes a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments, aiming to reduce debt by approximately USD 11.7 billion [4]. Domestic Debt Restructuring - Country Garden has also made progress in its domestic debt restructuring, with a plan involving eight domestic bonds approved on September 29, totaling approximately RMB 13.33 billion [5]. - The domestic restructuring is expected to reduce debt principal by over 50%, with a maximum maturity of 10 years and a lowered interest rate of 1% [5]. Housing Delivery Progress - As of October 2023, Country Garden has delivered over 1.8 million homes since 2022, with 600,000 homes delivered in 2023 alone [2][6]. - Despite a decline in sales, the company is focused on ensuring housing delivery, with significant efforts to secure funding for this purpose [6][7]. - The company has initiated new project planning as it transitions from housing delivery to debt recovery and normal operations [7].