Core Viewpoint - Country Garden has successfully passed a critical milestone in its offshore debt restructuring, with significant approval from creditors, indicating a positive outlook for the company's financial recovery and operational sustainability [1][2]. Group 1: Debt Restructuring - The offshore debt restructuring plan has received the necessary approvals from the majority of creditors, with 83.71% support from the syndicate loan group and 96.03% from the dollar bond and other creditors [1]. - The total debt involved in the restructuring amounts to approximately $17.7 billion, equivalent to about 127 billion yuan [1]. - Post-restructuring, Country Garden expects to reduce its debt by approximately $11.7 billion, translating to around 84 billion yuan in interest-bearing debt, and anticipates recognizing up to 70 billion yuan in restructuring gains [1]. Group 2: Operational Performance - Country Garden has prioritized the delivery of homes, with nearly 700,000 units delivered in 2022, over 600,000 in 2023, and plans for 380,000 in 2024, totaling over 1.8 million units delivered [2]. - The company is transitioning its focus from ensuring home deliveries to debt recovery and normal operations, which is expected to initiate a positive cycle of value recovery and shared benefits with creditors [2]. Group 3: Industry Implications - The successful completion of Country Garden's debt restructuring is seen as a milestone for the industry, accelerating the risk clearance process for leading real estate firms and contributing to a stabilization of the sector under supportive policies [2]. - The real estate industry is moving towards high-quality development, with Country Garden's integrated strategy of core real estate development and new business ventures in technology construction and management expected to drive growth and market revaluation during the 14th Five-Year Plan [3].