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Core Viewpoint - Country Garden's offshore debt restructuring has successfully passed a critical milestone, following the completion of Sunac's offshore debt restructuring, indicating a positive trend for leading private real estate companies in managing their debt issues [1][3]. Debt Restructuring Details - On November 6, Country Garden announced that its offshore debt restructuring plan was approved at a creditor meeting held on November 5, with over 75% of the voting creditor amount in favor for both debt groups [1]. - The total debt involved in the offshore restructuring amounts to approximately $17.7 billion, equivalent to about ¥127 billion (using an exchange rate of 7.2) [4]. - The restructuring plan offers creditors five options, including cash buybacks, pure equity conversion, mandatory convertible bonds, and new debt instruments [5]. Progress and Future Outlook - The restructuring process accelerated in 2023, with significant milestones achieved, including the announcement of a restructuring support agreement and compensation payment plans [6]. - Upon successful completion of the restructuring, Country Garden expects to reduce its debt by approximately $11.7 billion, corresponding to about ¥84 billion in interest-bearing debt, and potentially recognize up to ¥70 billion in restructuring gains, enhancing net assets [6]. - The successful restructuring is seen as a milestone for the industry, alleviating systemic concerns regarding private real estate companies and improving the overall credit environment for the sector [7].