见习记者 荧墨 10月13日深夜，碧桂园（02007.HK） 发布 公告称，根据香港高等法院原讼法庭的命令，公司将于2025年11月5日召开两类计划债权人 的会议，以审议及批准其拟议的债务安排计划。 【导读】碧桂园公告境外债务重组最新进展 最高降债规模达116亿美元 根据香港特别行政区高等法院原讼法庭2025年9月12日的命令，碧桂园将于2025年11月5日下午召开两类计划债权人会议，以上会议均 定 于年利达律师事务所的办事处举行，地址为香港遮打道历山大厦11楼。 除该计划外，碧桂园同时表示，公司将透过现有港元可转换债券同意征求（定义见该计划）实施建议重组，以将现有港元可转换债券（定 义见该计划）的管辖法律变更为香港法律（「建议修订」），从而将现有港元可转换债券纳入该计划。上述会议同样将于2025年11月5日 下午召开。 同时，碧桂园在公告中强调称，继4月11日公告后，碧桂园已与必胜有限公司（公司控股股东所控制的实体）就抵销股东贷款进行建设性讨 论。2025年10月13日，必胜进一步向碧桂园签立一份不可撤回承诺（承诺契据）。 据此，必胜已不可撤回地承诺认购碧桂园将于重组生效日期或之后按每股本公司普通股（资本化 ...

Group 1 - The Hong Kong court has approved Country Garden to hold a creditor meeting on November 5 to vote on its previously announced restructuring plan, which is a milestone for the company's offshore debt restructuring [2] - If the restructuring is successful, the company could reduce its debt by approximately $11.7 billion, equivalent to about 84 billion RMB, alleviating offshore liquidity pressure and providing ample space for operational stability [2] - Country Garden has engaged in constructive discussions with its controlling shareholder, Beston Limited, regarding the offset of shareholder loans, with a commitment to subscribe for capitalized shares at a price of HKD 0.60 per share to offset approximately $1.14 billion of shareholder loan balances [2] Group 2 - As of the end of August 2025, Country Garden achieved sales of 27.46 billion RMB, ranking 19th among the top 100 real estate companies in China [2] - The company has stated its focus on improving sales performance, actively revitalizing assets, and enhancing cash flow management to ensure stable and sustainable operations [3] - Country Garden believes it has sufficient financial resources to maintain continuous operations for at least 12 months starting from December 31, 2024, considering the positive outcomes from the proposed plans and measures [3]

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]

就在10月13日，碧桂园还发布了9月份未经审核营运数据。数据显示，2025年9月，碧桂园共实现归属公 司股东权益的合同销售金额约25.8亿元，权益销售建筑面积约32万平方米。 从今年累计销售情况来看，据中指院监测数据，2025年1-8月，碧桂园以274.6亿元的销售额，排在全国 百强房企销售榜第19位；其今年前8个月以229.3亿元的权益销售额，排在第18位。 据碧桂园半年报数据，截至今年6月30日，碧桂园拥有3077个处于不同发展阶段的项目，其中3043个位 于中国内地，34个位于中国内地以外。今年上半年，其在中国内地权益可建建筑面积约10365万平方 米，其中77%分布于广东省以外。 来源：证券时报网 作者：李映泉 负债方面，截至今年6月末，碧桂园总负债约8854.1亿元。据亿翰智库统计，碧桂园、万科A为债务降幅 位列前10名的房企，较去年6月末的负债规模降幅均超过10%。 亿翰智库分析师指出，当前市场环境下，"活下去"成为不少出险房企首要目标。部分企业收缩投资、暂 缓拿地、甚至退出房地产，以各种方式来化解风险。 根据碧桂园公布的信息，公司通过积极响应城市房地产融资协调机制，持续推动境内项目进入白名单， ...

Core Insights - The housing rental market in China is experiencing a decline in rental prices, with a significant drop in key cities as the peak rental season for school-age families comes to an end [1][2][3] - The total number of opened rental units among the top 30 companies reached 1.398 million by the end of September 2025, while the management scale reached approximately 1.98 million units [1][6][8] - New policies are being implemented at both central and local levels to support the housing rental market, including the formal implementation of the Housing Rental Regulations and initiatives to increase the supply of rental housing [19][20][21] Market Scale Ranking - As of September 2025, the top 30 rental companies have a total of 1.398 million opened rental units, with the threshold for inclusion being 15,004 units [6][7] - Among these companies, 11 are housing rental enterprises, 10 are local state-owned enterprises, 4 are startups, 3 are hotel-related, 1 is an intermediary, and 1 is financial [6][7] - The housing rental enterprises dominate the opened scale, accounting for 46% of the total, while local state-owned enterprises account for over 20% [6][7] Management Scale Ranking - The top 30 rental companies manage approximately 1.98 million rental units, with the threshold for inclusion being 21,071 units [8][9] - Similar to the opened scale, the management scale is also led by housing rental enterprises, which hold nearly 50% of the total management scale [8][9] Market Dynamics - The average rental price in 50 cities was 34.74 yuan per square meter per month in September, reflecting a month-on-month decrease of 0.39% and a year-on-year decrease of 3.76% [1][2] - Key cities such as Guangzhou and Shanghai have seen significant transactions in residential land, with a total of 137 plots sold in 22 major cities, covering over 9 million square meters [1][2] Policy Developments - The central government has officially implemented the Housing Rental Regulations, which aim to standardize rental activities and promote high-quality development in the rental market [19][20] - Local governments are actively supporting the collection and rental of existing housing stock to increase rental supply, with various initiatives being launched across different regions [20][21] Business Expansion - Companies like碧家公寓 have successfully signed new projects in Wuhan and Dongguan, while 城家 has formed a joint venture to establish a comprehensive asset management platform focusing on long-term rentals [14][15] - The introduction of new rental housing projects by local state-owned enterprises and specialized rental operators is also notable, with several new market-oriented projects launched in September [11][12] Financing Trends - Continuous support for housing rental financing is evident, with significant loans and bonds being approved for various projects, including a 1 billion yuan special bond for guaranteed rental housing in Ningbo [17][18] - The market is seeing an increase in asset securitization efforts, with notable expansions in real estate investment trusts (REITs) and other financial instruments aimed at supporting rental housing [17][18]

Economic Outlook - Economists have raised their forecasts for U.S. economic growth for this year and next, with GDP expected to grow by 1.8% in 2023, up from a previous estimate of 1.3% [2] - The upward revision is primarily due to significantly improved expectations for business investment [2] - The U.S. economy is projected to grow at a similar pace in 2026 [2] Employment Trends - The average monthly job growth in the U.S. is now expected to be 60,000 for this year, down from a prior forecast of 87,000 [2] - Recent months have shown a notable slowdown in job growth, prompting the Federal Reserve to lower interest rates by 25 basis points in September [2] - Economists anticipate another 25 basis point rate cut from the Federal Reserve this year, followed by a total of 75 basis points in cuts by 2026 [2] Inflation Expectations - The NABE group expects U.S. inflation to remain above the Federal Reserve's 2% target until next year [2] - The year-on-year increase in the PCE price index is projected to decline from 3% this year to 2.5% by the end of 2026 [2] Trade and Economic Policy - The economic outlook has been complicated by significant and frequently changing policy measures from the Trump administration, particularly regarding tariffs [2] - The impact of tariffs on inflation has been slower and more moderate than many economists had anticipated [2]

Group 1: Market Overview - The Hang Seng Index opened lower, dropping 656 points to 25634, and at one point fell by 954 points to a low of 25336, ultimately closing down 400 points or 1.52% at 25889, with a total turnover of 4903.66 million [3] - Among 88 blue-chip stocks, 63 declined while only 19 rose, indicating a bearish market sentiment [3] - The technology index experienced a near 5% drop, but some buying interest was noted in the afternoon, leading to a narrowing of losses for several tech stocks [3] Group 2: Macroeconomic and Trade Data - In September, China's exports in USD terms increased by 8.3%, surpassing expectations of 6.6%, while imports rose by 7.4%, significantly above the anticipated 1.8% [6] - For the first three quarters of the year, China's total trade value in USD reached 4.68 trillion, a year-on-year increase of 3.1%, with exports growing by 6.1% and imports declining by 1.1% [7] - China's trade surplus for the first three quarters was 8750.8 billion, indicating a robust trade performance despite global economic challenges [7] Group 3: Company-Specific Developments - China Unicom has officially opened eSIM reservation channels, with over 60,000 online appointments reported [11] - China Mobile also launched eSIM business reservations, with over 150,000 registrations within four hours of opening [12] - Hong Kong Exchanges and Clearing has established a new subsidiary in Dubai to expand its commodity business, focusing on pricing management services for the metals market [13]

Open Market Operations - The central bank announced a 7-day reverse repurchase operation on October 13, with a fixed rate and quantity tendering, amounting to 137.8 billion yuan at an interest rate of 1.40%, with the same amount being the bid and awarded [1]. Funding Conditions - The interbank market maintained a loose funding condition, with overnight repurchase rates for deposit institutions slightly rising around 1.30%. Non-bank institutions borrowed overnight against credit bonds at rates between 1.46% and 1.48%. The one-year interbank certificates of deposit from major banks had a demand at 1.66%, with secondary market rates slightly declining to 1.655%-1.66% [3][7]. Treasury Futures - The closing prices for treasury futures showed an increase, with the 30-year main contract rising by 0.37%, the 10-year by 0.10%, the 5-year by 0.03%, and the 2-year by 0.02% [11]. Trade Data - In the first three quarters, China's goods trade import and export totaled 33.61 trillion yuan, a year-on-year increase of 4%. Exports reached 19.95 trillion yuan, up 7.1%, while imports were 13.66 trillion yuan, down 0.2%. In September, exports (in RMB) grew by 8.4% year-on-year, while imports increased by 7.5% [12]. Manufacturing Financing - The Ministry of Industry and Information Technology initiated a survey on financing needs among manufacturing enterprises, aiming to enhance financing services and facilitate connections with financial institutions [12]. Bond Issuance - The Ministry of Finance plans to issue 127 billion yuan of 3-year treasury bonds and 149 billion yuan of 10-year treasury bonds on October 20 [12]. Global Macro Events - U.S. President Trump hinted at the possibility of canceling new tariffs on China, stating "Don't worry about China, everything will be fine" [14].

Major Events - Four Seasons Pharmaceutical (00460) invests in Swiss Suisselle to accelerate global medical aesthetics business expansion [1] - Basilea Pharmaceutica-B (02616) to announce Phase I dose-escalation clinical data for PD-1/VEGF/CTLA-4 triple antibody and latest research design for ROR1 ADC [1] - Hengrui Medicine (01276) subsidiary receives drug clinical trial approval notice [1] - Huajian Medical (01931) acquires U.S. property and establishes U.S. subsidiary ETHK BANK to promote stablecoins and intellectual property securitization in the U.S. [1] - China National Pharmaceutical Group (01177): TQB2102 "HER2 dual antibody ADC" included in breakthrough therapy designation program [1] Operating Performance - 361 Degrees (01361): Retail sales of 361° main brand products in Q3 increased by approximately 10% year-on-year [1] - Xinhua Insurance (01336) expects net profit attributable to shareholders for the first three quarters to increase by 45% to 65% year-on-year [1] - Country Garden (02007) achieved contract sales amounting to approximately 2.58 billion yuan in September [1] - Dekang Agriculture and Animal Husbandry (02419) sold approximately 7.55 million pigs and generated sales revenue of approximately 14.28 billion yuan in the first nine months [1] - Longfor Group (00960) achieved total contract sales amount of 50.75 billion yuan in the first nine months [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並非亦不構成在美國或在根 據其證券法進行登記或取得資格前要約購買或出售任何證券或招攬購買或出售任何證券的要約或銷售任何 證券即屬違法的任何其他司法權區進行該等要約或招攬的任何部份。本公告所述的證券並未亦不會根據 1933年美國證券法登記，在未經登記或獲豁免登記的情況下不得在美國境內發售、出售或以其他方式轉讓。 在美國公開發售的任何證券均將透過售股章程進行，售股章程可從本公司獲得，其中包含有關本公司及管理 層的詳細資料以及財務報表。本公司無意在美國登記本公告所述任何發售的任何部份。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2007） 本公告乃由碧桂園控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作 出。 茲提述本公司日 ...