公告显示，重组主体拟对9笔标的债券进行购回，合计拟购回资金总额上限为4.5亿元。购回登记期为 2026年2月27日至2026年3月12日，购回资金兑付日为2026年4月2日。 根据境内债务重组议案的约定，重组主体除本次购回选项外，还将针对标的债券继续推进股票选项、一 般债权选项等重组方案其他选项的申报登记相关工作。（澎湃，泽塔） #碧桂园拟回购9只境内债# 【碧桂园拟对旗下9只境内债进行回购，购回资金总额上限为4.5亿元】2月24 日，碧桂园（02007.HK）境内主要发债主体碧桂园地产集团有限公司和腾越建筑科技集团有限公司发 布境内债务重组的进展，涉及碧桂园旗下9只债券。 ...

每经AI快讯，2月25日，港股内房股盘初走强，碧桂园涨超6%，龙湖集团、旭辉控股集团涨近5%，融 创中国涨超4%。 （文章来源：每日经济新闻） ...

天风证券（601162）发布研报称，受春节假期因素影响，房地产供需两端均进入传统淡季，30大中城市 商品房成交面积季节性回落。节前1月的地方两会部署"稳楼市"政策，多地明确表示将着力稳定房地产 市场、推进城市更新，从稳市场和优存量两方面发力，节后重点关注2月下旬地产销售回暖节奏及3月上 旬全国两会的房地产政策定调。 中银国际认为，当前房地产行业仍然面临一定压力。当前防范地产及相关风险仍是首位，市场的惯性下 滑及不断蔓延的看跌预期也可能会倒逼政策尽快出台。2026年全年来看，地产板块出现收益的机会较 大，今年建议关注及配置。节奏上，可能会出现两个拐点，一个是一季度末左右的"政策拐点"，一个是 四季度左右的"基本面拐点"。 内房股涨幅居前，截至发稿，碧桂园(02007)涨6.45%，报0.33港元；建发国际集团(01908)涨5.59%，报 15.67港元；旭辉控股(00884)涨4.82%，报0.087港元；龙湖集团(00960)涨4.49%，报10.23港元。 ...

智通财经APP获悉，内房股涨幅居前，截至发稿，碧桂园(02007)涨6.45%，报0.33港元；建发国际集团 (01908)涨5.59%，报15.67港元；旭辉控股(00884)涨4.82%，报0.087港元；龙湖集团(00960)涨4.49%，报 10.23港元。 中银国际认为，当前房地产行业仍然面临一定压力。当前防范地产及相关风险仍是首位，市场的惯性下 滑及不断蔓延的看跌预期也可能会倒逼政策尽快出台。2026年全年来看，地产板块出现收益的机会较 大，今年建议关注及配置。节奏上，可能会出现两个拐点，一个是一季度末左右的"政策拐点"，一个是 四季度左右的"基本面拐点"。 天风证券发布研报称，受春节假期因素影响，房地产供需两端均进入传统淡季，30大中城市商品房成交 面积季节性回落。节前1月的地方两会部署"稳楼市"政策，多地明确表示将着力稳定房地产市场、推进 城市更新，从稳市场和优存量两方面发力，节后重点关注2月下旬地产销售回暖节奏及3月上旬全国两会 的房地产政策定调。 ...

于2026年2月24日，自2025年6月30日起计114个月到期的零息强制性可转换债券(强制性可转换债券(B)) 获转换而发行4520股。 智通财经APP讯，碧桂园(02007)发布公告，于2026年2月24日，自2025年6月30日起计78个月到期的零息 强制性可转换债券(强制性可转换债券(A))获转换而发行2351.82万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 碧桂園控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期： 2026年2月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | ...

碧桂园(02007)尾盘涨超10%，截至发稿，涨8.62%，报0.315港元，成交额9283.71万港元。 消息面上，碧桂园近日公布，根据香港高等法院所作出的命令，针对公司的清盘呈请已被驳回。自2025 年12月30日重组生效后，碧桂园已于首个工作周内，向债权人支付约3.98亿美元现金对价，约占重组债 务本金的2%。 据悉，2025年12月4日，碧桂园规模约177亿美元的境外债务重组方案获香港高等法院正式批准。根据公 告，在境外重组方案所有选项足额认购的情况下，重组完成后，碧桂园预计降债规模约117亿美元，对 应约人民币840亿元有息债务。此外，待完成境外债务重组，碧桂园预计确认最高约700亿元人民币的重 组收益。 ...

2026年2月23日,自2025年6月30日起计114个月到期的零息强制性可转换债券(强制性可转换债券(B))获转 换而发行1.78万股。 碧桂园(02007)发布公告，2026年2月23日,自2025年6月30日起计78个月到期的零息强制性可转换债券(强 制性可转换债券(A))获转换而发行3733.84万股。 ...

1. Report Industry Investment Rating No information provided in the document. 2. Core Views of the Report - In 2025, the real estate market continued to adjust, with an accelerated decline in the second half of the year. The prices of second - hand and new houses decreased, and the sales area and investment also declined. The financing environment of real - estate enterprises did not improve substantially, but debt restructuring made progress [4]. - In 2026, real estate policies will remain marginally loose. Demand - side policies aim to lower actual mortgage rates, and supply - side policies focus on controlling increments and reducing inventories to optimize the supply - demand structure. The market will likely continue to adjust, but the adjustment amplitude will narrow. Sales may stop falling and stabilize if mortgage rates can be effectively lowered, and investment decline will also narrow [5]. - In 2026, the bond repayment pressure of state - owned real - estate enterprises is mainly concentrated in the domestic bond market and has decreased compared to previous years. The bond maturity volume of private real - estate enterprises has significantly declined, and the overall repayment pressure is low. The credit risk of real - estate bonds will tend to be stable, but the debt repayment situation of individual private enterprises still needs attention. Debt restructuring of real - estate enterprises will continue to accelerate [6]. 3. Summary According to the Directory 3.1 2025 Real Estate Policy Review - **Accelerating inventory reduction and optimizing supply structure**: Supply - side policies centered on "controlling increments, reducing inventories, and optimizing supply". "Controlling increments" involved matching land and new housing supply as needed and controlling new land use in surplus areas. In 2025, the land supply in third - tier cities contracted rapidly, and 1202.1 billion yuan of land reserve special bonds were used to acquire idle land. "Reducing inventories" aimed to clear market inventories and ensure people's livelihoods through measures such as converting existing commercial housing into affordable housing and urban village renovation. "Optimizing supply" promoted the upgrading of housing quality with the construction of "good houses" [9][11][12]. - **Strengthening the implementation of financing support for housing delivery**: The focus of the "housing delivery guarantee" work shifted from "mechanism establishment" to "financing implementation". By October 2025, the approved loan amount for "whitelist" projects exceeded 7 trillion yuan, but there were challenges such as intensified project qualification differentiation and a time lag between approval and loan disbursement [15]. - **Marginal relaxation of demand - side policies**: Demand - side policies continued to be refined to reduce the cost of home - buying and release rigid and improved housing demand. In 2025, the purchase restrictions in Beijing, Shanghai, and Shenzhen were significantly relaxed, the down - payment ratio was lowered, the provident fund loan interest rate was reduced, and the loan amount was increased [16]. 3.2 2025 Real Estate Market Operation - **Price performance**: Second - hand house prices continued to fall, with the decline first narrowing slightly and then widening significantly. In December, the year - on - year decline in 70 - city second - hand house prices was 6.1%, and first - tier cities showed a "catch - up decline" feature. New house prices also continued to fall, with a 3.0% year - on - year decline in 70 - city new commercial housing prices in December [21][24]. - **Sales performance**: The real - estate sales continued to be deeply adjusted in 2025. The annual commercial housing sales area was 881.01 million square meters, a year - on - year decrease of 8.7%, and the sales volume was 8393.7 billion yuan, a year - on - year decrease of 12.6%. The market activity was low, and the daily average transaction volume in 30 cities was weak [25][30]. - **Investment performance**: Real - estate development investment accelerated its decline in 2025, with the annual investment completion amount of 8278.8 billion yuan, a year - on - year decrease of 17.2%. The sources of development funds decreased by 13.4% year - on - year. New construction, construction, and completion areas all decreased. The land market was cold, with a 14.2% year - on - year decrease in the planned construction area of residential land in 100 large and medium - sized cities [35][36][42]. 3.3 2025 Real - Estate Bond Market Performance - **Issuance and net financing**: In 2025, the total issuance of domestic and overseas real - estate bonds was 796.9 billion yuan, a year - on - year increase of 93.3%. The net financing gap narrowed significantly. Domestic bonds: 83 real - estate enterprises issued 413 domestic real - estate bonds, with a total issuance of 360.95 billion yuan, and the net financing gap was 62.96 billion yuan. Overseas bonds: 74 overseas real - estate bonds were issued, with a total issuance of 61.8 billion US dollars, and the net financing turned positive [49][50][60]. - **Credit risk evolution**: From 2021 to 2025, 65 domestic and overseas bond default and extension entities were added, with 2 in 2025. The event of Vanke's bond extension in 2025 had a significant impact on the market, affecting market confidence, financing environment, and industry differentiation [62][70]. - **Debt resolution of troubled real - estate enterprises**: Since 2024, the debt - resolution strategy has shifted to "substantial debt reduction + structural optimization". In 2025, investors became more accepting of debt reduction, and the debt - resolution approach changed from partial and scattered disposal to overall restructuring. Debt - resolution tools became more diversified. For example, CIFI Group's debt restructuring verified the feasibility of the "substantial debt reduction" plan [72][73][74]. - **Secondary - market price changes and spread fluctuations**: In 2025, the number of abnormal price movements in the secondary market of real - estate bonds decreased. The spread of real - estate bonds showed a trend of "oscillating downward and rising at the end of the year", and was more affected by the overall credit - bond market [77][80]. 3.4 2026 Real Estate Industry and Real - Estate Bond Market Outlook - **Policy outlook**: In 2026, real - estate policies will remain marginally loose. Demand - side policies will focus on guiding the actual mortgage rate to decline, and supply - side policies will continue to control increments and reduce inventories. However, the short - term stimulus policies will not be significantly stronger than in 2025 [87]. - **Market outlook**: The real - estate market will likely continue to adjust in 2026, but the adjustment amplitude will narrow. If the actual mortgage rate can be effectively lowered, the sales may stop falling and stabilize, and the investment decline will also narrow [97]. - **Credit risk outlook**: In 2026, the total maturity scale of domestic and overseas real - estate bonds is 596.4 billion yuan, a year - on - year decrease of 12.9%. The debt repayment pressure of state - owned real - estate enterprises has decreased, and that of private real - estate enterprises is low. The overall credit risk of the real - estate industry will tend to be stable, but the debt repayment of individual private enterprises needs attention [99]. - **Debt - resolution path outlook**: Debt restructuring through substantial debt reduction and diversified innovative debt tools will continue to accelerate in 2026. The market trend and the transformation and development of real - estate enterprises will be the two key variables affecting the debt - resolution process [103].

Core Viewpoint - Country Garden (碧桂园) announced the issuance of shares resulting from the conversion of zero-coupon mandatory convertible bonds, indicating a strategic move to manage its capital structure and potentially improve liquidity [1] Group 1: Convertible Bonds - On February 23, 2026, 37.3384 million shares will be issued due to the conversion of zero-coupon mandatory convertible bonds (Type A) that are set to mature 78 months after June 30, 2025 [1] - Additionally, on February 23, 2026, 17,800 shares will be issued from the conversion of zero-coupon mandatory convertible bonds (Type B) that will mature 114 months after June 30, 2025 [1]