智通财经APP讯，中国奥园(03883)发布公告，于2026年1月7日，根据2024年3月20日发行的2028年到期 强制性可转换债券的转换而配发及发行5.14万股新股份。 ...

Group 1 - The company, Country Garden (02007), announced that the effective date of its restructuring plan is set for December 30, 2025 [1][6] - The proposed restructuring involves the cancellation of existing debts and the release of all current debt obligations in exchange for the issuance of plan consideration equity to the plan creditors on the effective date [1][6] - On the effective date, the company has issued cash payments and instruments as part of the plan consideration equity, which are being distributed to relevant plan creditors according to the terms of the plan [1][6] Group 2 - The company's shares have been issued to pay applicable restructuring support agreement consent fees, which are being distributed to eligible creditors who qualify under the terms of the restructuring support agreement [1][6] - Additionally, on the effective date, the company issued mandatory convertible bonds to Chuangxing Bank Limited as part of its bilateral arrangement regarding loans from Chuangxing Bank, which are also being distributed to Chuangxing Bank Limited [1][6]

智通财经APP讯，碧桂园(02007)发布公告，重组生效日期已于2025年12月30日落实。 本公司股份已就支付适用重组支持协议同意费用获发行，且正获分派予根据重组支持协议的条款符合资 格收取重组支持协议同意费用的各合资格债权人。为求完整，于重组生效日期，本公司亦已向创兴银行 有限公司发行强制性可转换债券，作为其就创兴银行贷款的双边安排的一部分，且正分派予创兴银行有 限公司。 建议重组广泛涉及取消现有债务及解除所有现有债务责任人，以换取于重组生效日期根据该计划向计划 债权人发行计划代价权益。于重组生效日期，本公司已发放下列现金付款及工具，以作为计划代价权益 的一部分，且正根据该计划的条款分派予相关计划债权人。 ...

Core Viewpoint - Country Garden is advancing its offshore debt restructuring plan, aiming to reduce approximately $11.7 billion in debt by the end of 2025, which corresponds to about 840 billion RMB in interest-bearing debt, achieving significant deleveraging [1][5][6]. Group 1: Debt Restructuring Details - The company announced a series of potential transactions for its offshore debt restructuring, including plans to issue nearly $13 billion in mandatory convertible bonds [1][2]. - The total debt involved in the restructuring is approximately $17.7 billion, equivalent to about 1.27 trillion RMB [4]. - The proposed mandatory convertible bonds consist of three types, with amounts of $7.514 billion, $5.442 billion, and $39 million, totaling nearly $13 billion [3]. Group 2: Support and Approval Process - Following the announcement on November 6, the restructuring plan received sufficient support from the first and second categories of creditors, allowing the company to work closely with the special project team and coordination committee [2][4]. - The restructuring plan will seek final approval from the Hong Kong court on December 4 [5]. Group 3: Future Outlook and Strategic Goals - If the restructuring is successful, the company aims to achieve a more sustainable capital structure, focusing on housing delivery, business operations, and maximizing asset value through strategic sales [6]. - The chairman of the board, Yang Huiyan, indicated that the restructuring approval reflects creditor recognition of the company's future and provides a more flexible space for normal operations, marking a transformative phase for Country Garden, referred to as a "second entrepreneurship" [6].

Core Viewpoint - Country Garden (碧桂园) is proposing a debt restructuring plan aimed at significantly deleveraging the company by reducing debt by over $11 billion, contingent on creditor participation and conversion of certain bonds into equity [1][2]. Group 1: Debt Restructuring Proposal - The restructuring plan aims to create a more sustainable capital structure, allowing the company to focus on housing delivery, business operations, and maximizing asset value for stakeholders [1]. - The company has received sufficient support from primary and secondary creditors to approve the plan at a meeting scheduled for November 5, 2025 [1]. - The restructuring is expected to be completed by the end of 2025, with close collaboration between the company and the special project team [1]. Group 2: Bond Issuance Details - The company plans to issue up to $7.515 billion in Mandatory Convertible Bonds (A), with a portion allocated for restructuring support fees and work fees [2]. - Additionally, up to $5.4426 billion in Mandatory Convertible Bonds (B) will be issued as part of the plan, along with $39.4614 million in Mandatory Convertible Bonds (C) related to a bilateral loan solution [2]. Group 3: Share Issuance for Fees - The company proposes to issue up to 914 million new shares to settle various work fees owed to the project team and bondholders, with a nominal value of approximately HKD 914.22 million [3]. - If necessary regulatory approvals are not obtained, the company may issue up to an additional 42.21 million shares at an initial conversion price of HKD 2.60 per share to cover fees [3]. Group 4: Payment to Bank - The company intends to issue up to 16.8498 million new shares to pay accrued and unpaid interest to a bank, amounting to approximately HKD 43.8096 million [4]. - The issuance price for these shares will be HKD 2.60, representing a premium of about 390.57% over the last closing price [4]. Group 5: Management Incentive Plan - A management incentive plan is proposed to motivate key management and employees to effectively execute the business plan and improve financial performance [5]. - The plan's terms will be subject to listing rules and require shareholder approval at a special meeting [5]. - The company has entered into share purchase agreements with subsidiaries to sell certain shares, which will result in the financial performance of those companies no longer being consolidated into the company's financial statements [5].

Core Viewpoint - Country Garden announced a series of proposed restructuring transactions aimed at improving its financial position and operational efficiency [1] Group 1: Proposed Transactions - The company plans to issue mandatory convertible bonds under special authorization [1] - It suggests issuing SCA warrants based on special authorization [1] - The company intends to issue new shares according to work fee arrangements and restructuring support agreements under special authorization [1] - A proposal to issue new shares as part of a bilateral loan solution with Dafeng Bank is also included [1] - There are related transactions involving the capitalization of shareholder loans, which includes issuing new shares to the controlling shareholder under special authorization [1] - The management incentive plan is proposed for adoption [1] - The company plans to sell stakes in several subsidiaries and offset shareholder loans through related transactions and ongoing related transactions [1]

Core Viewpoint - Country Garden successfully completed a $17.7 billion offshore debt restructuring in 300 days, with over 75% approval from creditors, indicating a significant step towards financial recovery [1][5]. Group 1: Debt Restructuring Details - The offshore debt restructuring plan was approved on November 5, with a total debt amount of approximately $17.7 billion, equivalent to about 127 billion yuan [1]. - The restructuring involved 34 offshore debts or repayment obligations across multiple legal jurisdictions, including U.S. dollar bonds, convertible bonds under UK law, and syndicated loans under Hong Kong law [5]. - In the first group (syndicated loans), 33 out of 41 creditors voted in favor, representing 83.71% of the total claims of approximately $4.1 billion. In the second group (U.S. dollar bonds and others), 2,364 out of 2,382 creditors supported the plan, accounting for 96.03% of claims totaling about $11.2 billion [5]. Group 2: Implications of the Restructuring - The high approval rate reflects creditors' rational assessment, as liquidation could lead to lower recovery rates compared to the restructuring plan [6]. - The restructuring is expected to significantly reduce Country Garden's debt load, with an estimated reduction of interest-bearing liabilities by about $11.7 billion, leading to a substantial improvement in the balance sheet [6][7]. - The restructuring plan employs a combination of cash buybacks, equity instruments, new debt swaps, and physical interest payments, providing creditors with various options to choose from [7][8]. Group 3: Support and Future Outlook - The controlling shareholder provided crucial financial support, committing to subscribe for capitalized shares to offset approximately $1.148 billion in shareholder loans at a price of HKD 0.6 per share [8]. - The ongoing debt restructuring efforts across the industry are exploring diverse tools to enhance creditor options and expedite the restructuring process, creating a replicable framework for other distressed real estate companies [8].

Core Viewpoint - Recent debt restructuring efforts among major real estate companies have made significant progress, with notable advancements in the restructuring plans of companies like Sunac China and CIFI Holdings [1][3][4]. Group 1: Sunac China's Debt Restructuring - Sunac China announced that 98.5% of its creditors voted in favor of its offshore debt restructuring plan, with a corresponding debt amount support rate of 94.5% [6][7]. - The restructuring plan covers approximately $9.55 billion in offshore debt, including public market bonds and private loans, aiming to eliminate debt risks at the listed company level [5][9]. - If successful, the restructuring could reduce Sunac China's overall repayment pressure by nearly 70 billion yuan and save tens of billions in annual interest expenses [7]. Group 2: Other Companies' Restructuring Efforts - CIFI Holdings plans to hold a special shareholders' meeting on October 31 to review its offshore debt restructuring actions, indicating it is close to finalizing its restructuring [3][8]. - Country Garden is set to convene two creditor meetings on November 5 to consider and approve its proposed debt arrangements [3][8]. - Since Q3 2025, several companies, including Kaisa Group and Longfor Group, have reported substantial breakthroughs in their debt restructuring efforts, accelerating the industry's debt risk clearance process [3][8]. Group 3: Industry Trends and Support from Major Shareholders - The current wave of debt restructuring reflects a shift from merely alleviating liquidity pressures to substantial adjustments in debt scale through methods like debt-to-equity swaps and asset disposals [9][10]. - Major shareholders have provided significant financial support during this restructuring wave, with examples including Sunac China's major shareholder converting loans into equity and CIFI's major shareholder converting over 500 million HKD in loans into equity [10]. - As of August 2025, a total of 77 real estate companies have experienced debt defaults, with 20 companies having their restructuring plans approved, amounting to a total debt restructuring scale exceeding 1.2 trillion yuan [9].

Core Viewpoint - China Aoyuan (03883) announced the issuance of a total of 11.3122 million new shares from October 10, 2025, to October 27, 2025, as a result of the conversion of the mandatory convertible bonds due in 2028 issued on March 20, 2024 [1] Group 1 - The company will issue 11.3122 million new shares [1]

Group 1 - The company announced the issuance of a total of 11.3122 million new shares from October 10, 2025, to October 27, 2025, as a result of the conversion of the mandatory convertible bonds due in 2028 issued on March 20, 2024 [1]