碧桂园：跨过千亿债关，二次创业待破局

Core Viewpoint - Country Garden has successfully passed a critical milestone in its debt restructuring process, which is seen as a turning point for the company as it embarks on a "second entrepreneurship" phase despite ongoing challenges in restoring its financial health [3][10]. Debt Restructuring Progress - Country Garden's offshore debt restructuring plan, involving approximately $17.7 billion, received over 75% approval from creditors in two separate groups, with 83.71% and 96.03% of the respective debt amounts voting in favor [4][5]. - The restructuring plan aims to reduce the company's interest-bearing debt by about $11.7 billion, achieving a debt reduction ratio of approximately 66% [5][10]. - The company has also successfully restructured approximately 13.3 billion yuan of domestic bonds within a short timeframe of 10 days [4][5]. Financial Performance and Challenges - In the first ten months of the year, Country Garden and its joint ventures reported a total sales amount of 27.96 billion yuan, reflecting a year-on-year decline of 31.3% [3][12]. - The company faced significant financial losses, with a projected net loss of approximately 19.65 billion yuan for the first half of 2023, compared to a net loss of 15.06 billion yuan in the same period the previous year [13]. - As of June 30, 2025, Country Garden's total liabilities amounted to 885.41 billion yuan, with current liabilities making up a significant portion, while cash and cash equivalents were only 6.28 billion yuan [13]. Strategic Reforms - To address its financial difficulties, Country Garden has initiated multi-dimensional reforms, including organizational restructuring and cost control measures, resulting in a reduction of marketing and administrative expenses by 18.9% [14]. - The company is focusing on enhancing its operational efficiency and adapting to market changes to ensure sustainable development [16]. Market Environment - The real estate market remains challenging, and the recovery process for real estate companies is expected to be slow, potentially taking several years [16]. - Successful navigation through both debt reduction and market adaptation is crucial for Country Garden to return to a stable operational state [16].