碧桂园债务重组重大突破

Core Viewpoint - Country Garden has successfully passed a critical step in its offshore debt restructuring, with over 75% approval from creditors in both debt groups during the meeting on November 5, 2023 [2][3]. Debt Restructuring Progress - The offshore debt restructuring involves approximately $17.7 billion in principal and interest across 34 debts, covering multiple legal jurisdictions [3][4]. - The restructuring plan includes a combination of cash buybacks, equity instruments, new debt exchanges, and physical interest payments [4][5]. - Following the restructuring, Country Garden expects to reduce its debt by approximately 117 billion USD, equivalent to about 840 billion RMB [5]. Financial Impact - The restructuring is projected to yield a maximum of approximately 70 billion RMB in restructuring gains, significantly enhancing net assets [5]. - The new debt financing cost is expected to decrease to between 1.0% and 2.5%, alleviating cash flow pressure [5]. Domestic Debt Restructuring - Country Garden has also made progress in its domestic debt restructuring, with a plan involving approximately 13.3 billion RMB in principal approved by bondholders [5]. - The domestic restructuring is expected to reduce debt principal by over 50%, with a maximum term of 10 years and no repayment pressure for the next five years [5]. Delivery of Properties - As of October 2023, Country Garden has delivered over 1.8 million homes since 2022, indicating progress in its delivery commitments [2][8]. - The company has faced challenges in sales, with a 70% year-on-year decline in contract sales for 2024, amounting to 47.2 billion RMB [6][7]. - Despite these challenges, Country Garden has implemented various funding strategies to ensure property delivery, including selling stakes and securing loans [6][7]. Transition to New Development Phase - With the completion of significant property deliveries, Country Garden is transitioning from a focus on property delivery to debt recovery and normal operations [8].