Xin Jing Bao·2025-11-06 14:31Core Viewpoint - Country Garden's offshore debt restructuring plan has gained majority support from creditors, marking a critical step in addressing its debt crisis and seeking survival and development [1][2]. Group 1: Debt Restructuring Details - The restructuring plan was approved with over 75% of the voting creditor amount in favor across two debt groups, with 83.71% support in the syndicated loan group and 96.03% in the dollar bonds and other creditors group [2]. - The total debt involved in the offshore restructuring amounts to approximately $17.7 billion, equivalent to about 127 billion yuan [2]. - Upon successful completion of the restructuring, Country Garden expects to reduce its interest-bearing debt by approximately 84 billion yuan and confirm a maximum restructuring gain of around 70 billion yuan [2]. Group 2: Financial Implications - Post-restructuring, Country Garden's debt scale will significantly decrease, improving its balance sheet, with new debt instruments having a financing cost reduced to 1.0%-2.5% and an extended debt maturity of up to 11.5 years [3]. - The restructuring provides a valuable buffer period for operational recovery, with no concentrated repayment pressure in the next five years [3]. Group 3: Broader Industry Context - Country Garden's debt restructuring is part of a larger trend among distressed real estate companies, with 21 firms having completed or received approval for debt restructuring, totaling approximately 1.2 trillion yuan in debt relief [8]. - The restructuring success of Country Garden serves as a reference for other real estate companies facing similar challenges [5].