Nan Fang Du Shi Bao·2025-11-25 10:16Core Viewpoint - Country Garden's subsidiary, Tengyue Construction Technology Group, has faced regulatory scrutiny due to failure to disclose significant corporate changes and legal issues, but the company asserts that these matters will not adversely affect its operations or debt repayment capabilities [3]. Group 1: Regulatory Actions - Tengyue Construction received an administrative regulatory decision from the Guangdong Securities Regulatory Bureau for failing to timely disclose changes in company name, board members, and legal issues, resulting in a warning letter issued to the company and its executives [3]. - The company has been involved in 15.8 billion yuan of pending litigation and has 163 records of being a dishonest executor, with 16.55 billion yuan of subsidiary equity frozen [3]. Group 2: Debt Restructuring - Country Garden's offshore debt restructuring plan, involving approximately 17.7 billion USD, was approved with significant support from creditors, with 83.71% of Group One and 96.03% of Group Two voting in favor [4]. - The domestic debt restructuring plan for eight bonds totaling about 13.3 billion yuan was also quickly approved, with expectations of over 50% reduction in principal and extended repayment terms up to 10 years [4]. - The restructuring is seen as a recognition of the company's future potential by creditors, allowing for a more flexible operational environment moving forward [4]. Group 3: Sales Performance - In the first ten months of the year, Country Garden achieved a total sales amount of 27.96 billion yuan, reflecting a year-on-year decline of 31.30% [5]. - The company delivered over 130,000 units in the first ten months of 2025, with cumulative deliveries exceeding 1.8 million units to date [5].