Di Yi Cai Jing·2025-12-04 12:19Core Viewpoint - Country Garden's debt restructuring process is nearing completion, with both domestic and overseas debt restructuring plans approved, marking a significant step in the company's financial recovery [2][3]. Group 1: Debt Restructuring - The overseas debt restructuring plan, amounting to approximately $17.7 billion, has been officially approved by the Hong Kong High Court [2]. - A special shareholder meeting voted overwhelmingly in favor of all ten ordinary resolutions related to the overseas debt restructuring, with support exceeding 99% [2]. - The domestic debt restructuring involves nine bonds totaling approximately 13.77 billion RMB, which have also been approved by bondholders [2][3]. Group 2: Financial Impact - The overall debt reduction for Country Garden is expected to exceed 90 billion RMB, significantly alleviating repayment pressure over the next five years [3]. - Post-restructuring, the financing costs for new debt instruments are projected to drop to between 1% and 2.5%, leading to substantial interest savings and improved cash flow [3]. - The restructuring is anticipated to confirm over 70 billion RMB in restructuring gains, which will enhance the company's net assets and facilitate a substantial repair of its balance sheet [3]. Group 3: Operational Transition - The restructuring process has been relatively swift, with the overseas debt restructuring taking 329 days and the domestic debt restructuring taking 85 days [3]. - Following the completion of the debt restructuring, Country Garden's operational focus will shift from ensuring property deliveries to debt repair and normal business operations [5]. - The chairman of the board indicated that the approval of the restructuring reflects creditors' confidence in the company's future, allowing for a more relaxed environment for restoring normal operations [5].