碧桂园，大消息！

Core Viewpoint - Country Garden is progressing with its offshore debt restructuring, planning creditor meetings for November 5, 2025, to discuss proposed debt arrangements [1] Group 1: Offshore Debt Restructuring - Country Garden will hold meetings for two classes of creditors on November 5, 2025, to review and approve its proposed debt arrangement plan [1] - The company aims to unify its debt handling by seeking consent from holders of existing Hong Kong dollar convertible bonds to change their governing law to Hong Kong law [1] - As of August 18, over 77% of holders of Country Garden's existing public notes have joined the restructuring agreement [1] - The company plans to continue negotiations with major creditors to finalize restructuring terms and implement the proposed restructuring by the end of 2025, which includes issuing mandatory convertible bonds and establishing new debt instruments [1] Group 2: Shareholder Support and Financing - Country Garden's controlling shareholder, Bestwin Limited, has committed to subscribe for capitalized shares at HKD 0.60 per share, aimed at offsetting approximately USD 1.14 billion in shareholder loans, representing a 36.4% premium over the closing price on April 11 [1] - This move reflects the controlling shareholder's confidence in the long-term success of the company [1] Group 3: Domestic Debt Restructuring - The company is also restructuring nine domestic bonds, with eight bondholder meetings approving the restructuring plan, totaling RMB 13.417 billion [2] - Country Garden is actively engaging with bondholders to promote a comprehensive and long-term solution for domestic corporate bonds [2] Group 4: Sales Performance - In September, Country Garden and its subsidiaries achieved a contract sales amount of approximately RMB 2.58 billion, with a contract sales area of about 320,000 square meters [2] - From January to September 2025, the cumulative contract sales amount attributable to the company's shareholders reached approximately RMB 25.06 billion [2] Group 5: Industry Context - Other real estate companies, such as Longfor Group, are also making progress in their debt restructuring efforts, indicating a broader trend in the industry [3] - Recent debt restructuring successes among real estate firms are seen as beneficial for market stabilization and clearing, driven by pressures on cash flow and asset values [3]