Shen Zhen Shang Bao·2026-02-10 15:35Core Viewpoint - Country Garden has received disciplinary measures from the Shanghai Stock Exchange for failing to timely disclose debt defaults, but the board believes the executives involved can continue in their roles due to the objective reasons behind the delays [1][3]. Group 1: Disciplinary Actions - Country Garden and its executives received a disciplinary notice from the Shanghai Stock Exchange for not disclosing debt defaults that occurred from August 2023 to December 2024 [1]. - The company and its executives were criticized and recorded in the integrity archives, but the board does not doubt their integrity or capability [3]. Group 2: Debt Restructuring and Delivery Plans - Country Garden has completed the restructuring of 9 domestic bonds totaling approximately 13.77 billion yuan, and an overseas debt restructuring plan involving around 17.7 billion USD will take effect by December 31, 2025 [3]. - The overall debt reduction is estimated to be nearly 90 billion yuan, with new debt financing costs dropping to between 1% and 2.5%, providing a critical opportunity for the company to alleviate its financial burden [3]. Group 3: Future Goals and Operations - The chairman of Country Garden, Yang Huiyan, has defined 2026 as the "year of completing home deliveries," aiming to finish most delivery tasks by mid-2026 to focus on repairing the balance sheet and restoring normal operations [4]. - The key indicator of restoring normal operations is achieving positive operating cash flow, with the ultimate goal of having both overall cash flow and profits in the positive [4]. - The co-chairman, Mo Bin, emphasized that completing home deliveries is the top priority, and restoring the balance sheet requires time to create space for development, which is essential for effectively solving the company's issues [5].