降债840亿，碧桂园又迈过了一道坎

Core Insights - Country Garden's offshore debt restructuring plan has successfully passed a critical milestone, with a total debt scale of approximately $17.7 billion, equivalent to about 127 billion yuan [1][5] - The restructuring plan received over 75% approval from creditors in both debt groups, with 83.71% in the syndicate loan group and 96.03% in the dollar bond and other creditors group [1][5] Debt Restructuring Details - The restructuring plan includes a rare combination of cash resources and equity tools, allowing creditors to share in the potential future upside of Country Garden and exit through the secondary market [2][4] - Country Garden has introduced a diverse toolset for creditors, including cash buybacks, equity tools, new debt swaps, and physical interest payments, enhancing the likelihood of plan approval [2][4] - The controlling shareholder has committed to converting $1.148 billion of shareholder loans into equity, and an employee equity incentive plan has been linked to the company's balance sheet recovery and new debt repayment [2][4] Legal and Procedural Aspects - Following the creditor vote, Country Garden submitted the restructuring plan for court approval, a crucial step in legalizing the restructuring [2] - The complexity of offshore debt restructuring involves navigating various legal systems and addressing the diverse interests of numerous creditors, making court approval essential to enforce the plan [2] Timeline and Progress - The restructuring process has spanned 300 days, from the initial disclosure of key terms on January 9 to the creditor meeting on November 5 [3] - The support for the restructuring plan has increased over time, with significant creditor backing achieved through multiple rounds of negotiations [3] Financial Implications - Upon successful implementation of the restructuring plan, Country Garden expects to reduce its debt by approximately $11.7 billion, corresponding to about 84 billion yuan of interest-bearing debt [6] - The restructuring is projected to yield a maximum of about 70 billion yuan in restructuring gains, significantly enhancing net assets [6] - The financing costs for new debt instruments are expected to drop to a range of 1.0% to 2.5%, alleviating annual interest expenses and easing cash flow pressures [6] Operational Performance - Country Garden has delivered nearly 700,000 units in 2022 and over 600,000 units in 2023, maintaining a leading position in housing delivery [7] - The company has actively pursued asset disposals since 2022, recovering over 65 billion yuan in funds through various asset sales [7] Cost Management and Organizational Changes - The company has implemented four rounds of organizational restructuring since 2023, achieving significant reductions in average labor costs, marketing expenses, and administrative costs [8] - The restructuring aims to transition from risk mitigation to structural upgrades, significantly reducing leverage and improving the balance sheet [8]