On the evening of April 7th, Country Garden suddenly announced the progress of its overseas debt restructuring.

According to the announcement, Country Garden stated that in the past few months, the company has worked closely with creditors and key advisors to make positive progress in establishing overseas debt restructuring procedures and is orderly advancing the process.

Country Garden stated that a coordination committee representing bank creditors and a task force representing bondholders have been established. The company is currently discussing information sharing mechanisms and fee arrangements with such creditor groups and their advisors, and has actively provided feedback on a series of due diligence issues.

The main financial advisor is continuously advancing the preparation of the cash flow model. In addition, in order to provide a common information platform for creditors, Country Garden has hired DeAnHua to conduct independent debt recovery rate analysis on the group, based on the premise of being cautious towards creditors, to help creditors make better rational judgments when examining the company's business situation in the future.

In addition, Country Garden stated that the company plans to establish a mechanism for regular communication with overseas creditors and update the restructuring process to overseas investors in a timely manner.

According to public information, Country Garden currently has a total of 15 US dollar bonds, with a total amount of 9.91 billion US dollars. In 2024, Country Garden will have two US dollar bonds maturing, totaling 1.5 billion US dollars.

In addition to disclosing progress related to overseas debt, Country Garden also announced that it has appointed Nianlida Law Firm as the main legal advisor for overseas debt restructuring. Nianlida Law Firm will work with Country Garden and its main advisors to ensure transparent and constructive dialogue between the company and overseas creditors. Country Garden emphasizes that the company and consultants will explore all feasible overseas debt restructuring options with creditors to seek an overall solution to the current situation.

Recently, there have been constant controversies at Country Garden.

In late January, Country Garden released five high-quality asset disposal information on the Guangzhou Property Rights Exchange, with a total planned transfer amount of 3.818 billion yuan.On February 28th, Country Garden was filed for liquidation by Every Credit Limited, a wholly-owned subsidiary of Hong Kong listed company Jiantao Group, due to its failure to pay a principal of approximately HKD 1.6 billion for an unpaid term loan and accrued interest.

Country Garden stated that the company will strongly oppose the application. And it is stated that the presentation of the petition does not mean that the petitioner can successfully liquidate the company. It is reported that the High Court of the Hong Kong Special Administrative Region has set the first hearing date of the petition as May 17th.

On March 28th, Country Garden announced that it will delay the release of its 2023 financial report.

Regarding the delayed release of financial reports, Country Garden explained that due to continuous fluctuations in the industry, the group is facing an increasingly complex operating environment. The company needs to collect more information to make appropriate accounting estimates and judgments, in order to reasonably reflect changes in the industry and the company in the group's 2023 consolidated financial statements.

Meanwhile, as the debt restructuring work of the group is still ongoing, and given the large number and wide distribution of the group's projects, as well as the high workload and complexity involved in relevant due diligence, more time is needed to collect relevant financial information to carefully evaluate the group's current and future financial resources and obligations.

Affected by this, Country Garden Co., Ltd. suspended trading on the Hong Kong Stock Exchange from 9:00 am on April 2, pending the publication of its 2023 performance.

Although no financial report has been released, Country Garden revealed in the announcement that in 2023, the group and its joint ventures and affiliated companies have delivered over 600,000 units of housing, with a total delivery area of 71.62 million square meters, covering 249 cities in 31 provinces across the country, ranking first in the industry in terms of delivery volume.

On April 7th, Country Garden held a monthly group management meeting, with Yang Huiyan, the chairman of the group's board of directors, attending the meeting.

Yang Huiyan said that the current policy is continuously optimizing and releasing positive news. She believes that the market will definitely improve again, and everyone should have enough confidence in this. Yang Huiyan calls on all employees of the company to be full of confidence, make up their minds, actively embrace uncertainty, and surely usher in a better future.