The restructuring of COUNTRY GARDEN's domestic bonds is nearing completion, with the plan receiving support from the majority of creditors

Mainland defaulting property companies are accelerating the promotion of domestic and foreign debt restructuring. According to Bloomberg, Country Garden (02007.HK) is close to reaching a domestic bond restructuring plan, which is expected to become another domestic real estate company to complete a domestic debt restructuring at the level of 10 billion yuan, following Sunac (01918.HK) and CIFI (00884.HK).

Informed sources said that the domestic bond restructuring plan of Country Garden has currently received support from the majority of bondholders, with 8 out of the 9 domestic bonds proposed for restructuring already approved by bondholders. Currently, only "H16 Tengyue 2" has not been approved. Bloomberg data shows that these 9 bonds awaiting restructuring involve an outstanding principal of 13.77 billion yuan.

In the domestic bond market, debt restructuring plans typically require the approval of each bondholder involved. Currently, there is one bond that has not been approved, issued by Country Garden's affiliated company Tengyue Construction Technology Group, with a principal balance of approximately 442 million yuan. These bonds awaiting restructuring have previously undergone multiple extensions, and during the most recent extension in September last year, "H16 Tengyue 2" had its voting postponed multiple times.

The report mentioned that the support agreement for Country Garden's offshore debt restructuring has previously been joined by nearly 80% of bondholders, and its domestic bond restructuring has also entered the final sprint stage