碧桂园上半年预亏185-215亿元

Core Viewpoint - Country Garden (碧桂园) continues to face significant financial pressure, with projected losses for the first half of 2025 estimated between 18.5 billion to 21.5 billion RMB [2][3]. Financial Performance - The company's losses have increased compared to the same period in 2024, which recorded a loss of 15.1 billion RMB [3]. - In 2023, Country Garden reported a net loss of 178.4 billion RMB, and in 2024, the loss was 32.8 billion RMB, totaling approximately 211.2 billion RMB over the two years [4]. Debt Restructuring - Prior to the announcement of the projected losses, Country Garden made significant progress in restructuring its offshore debt, totaling 14.074 billion USD [5]. - As of August 19, 2025, the company reached an agreement on key terms with a coordination committee, with 49% of existing loan principal holders supporting the restructuring [6]. - Over 77% of the second category of debt holders have signed the restructuring support agreement [6]. Operational Strategy - The company is actively working with a special team and the coordination committee to finalize the restructuring documents, aiming to complete the process by the end of 2025 [7]. - Despite financial challenges, Country Garden is focused on maintaining stable operations, implementing strict cost management strategies, and ensuring the delivery of approximately 74,000 housing units during the reporting period [8]. - The company's chairman emphasized that ensuring housing delivery is the top priority and a key operational goal for the short term [8].