COUNTRY GARDEN(HK:02007) 盐财经·2025-11-06 11:50Core Viewpoint - Country Garden has successfully passed a key step in its offshore debt restructuring plan, with over 75% approval from creditors in both debt groups during the meeting on November 5 [2][4]. Debt Restructuring Progress - The restructuring plan involves approximately $17.7 billion in offshore debt, equivalent to about 127 billion RMB, covering various legal jurisdictions and types of creditors [6][7]. - The restructuring plan includes a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments, aiming to reduce debt by approximately $11.7 billion, or 840 billion RMB [7][8]. - Following the restructuring, the new debt financing cost is expected to decrease to 1.0%-2.5%, significantly reducing interest expenses and easing cash flow pressure [8]. Delivery and Sales Performance - As of October, Country Garden has delivered over 1.8 million homes since 2022, with a total of over 600,000 homes delivered in 2023 [4][12]. - Despite a decline in sales, with a 70% drop in contract sales to 47.2 billion RMB in 2024, the company remains focused on ensuring home deliveries [10][12]. - The company has implemented various funding strategies to support home delivery, including selling stakes and securing loans [10][11]. Future Outlook - With the completion of significant home deliveries, Country Garden is transitioning from a focus on home delivery to debt recovery and normal operations [12].