Country Garden Holdings (00884): All RMB 7.18 billion of domestic debts maturing this year have been extended, and the framework for the restructuring of overseas debts has been approved by creditors.

On November 14th, Agile Group Limited (00884) announced the results of the second bondholders' meeting for "H21 Agile 3," which included three proposals, including adjusting the bond redemption arrangement and increasing credit enhancement measures, all of which were approved. As Agile's last domestic bond due for the year, the successful extension of "H21 Agile 3" signifies that Agile has completed the extension of all domestic bonds due for the year, totaling approximately 7.18 billion yuan. According to the announcement, "H21 Agile 3" is the abbreviated name for Agile Group Limited's public issuance of the 2021 corporate bonds (third tranche). The remaining balance of the bond is 1.875 billion yuan, with a coupon rate of 3.90%. After the extension plan is approved, the principal repayment date of "H21 Agile 3" will be adjusted to July 14th, 2025, with a 22-month extension and eight installments of repayment. As for credit enhancement, Agile has provided equity income rights for projects in Chongqing, Luoyang, Tianjin, Jianyang, Xiangtan, and other places as credit enhancement measures. Previously, Agile had completed the extension of three corporate bonds and CMBS, including the approval of three proposals at the bondholders' meeting for "20 Agile 03" on October 18th, successfully extending it for two years; the liquidity support payment deadline grace period for another remaining CMBS with a total size of 2.4355 billion yuan, "China SecuritiesAgile Group No. 1 Property Asset Support Special Plan" ("20 Agile 1C" and "PR Agile 1A"), was also approved by the holders on October 13th, extending it for three years; and the extension plan for "20 Agile 01" was approved in May. Bond market participants have indicated that Agile's domestic debt disposal has been relatively stable. On the one hand, the company has adhered to the bottom line of punctual interest payment, providing a basis for market confidence and indicating normal business operation. On the other hand, the China Securities Regulatory Commission has recently taken multiple measures to "insist on bottom-line thinking and do a good job in risk prevention and control in key areas such as real estate and municipal investment," creating a positive and healthy environment for resolving debt issues for private real estate companies. At the same time, the successful extension of all domestic bonds due this year is also beneficial for the stable operation of the company and getting through the industry adjustment period. As for overseas debt, Agile also disclosed the latest progress in the Investor Monthly Communication published in early November: Agile has provided the latest overseas debt restructuring plan to overseas creditors and advisors in September, and the due diligence and professional analysis work has achieved phased results. The overseas bank consortium and the creditor group approve the restructuring direction of "debt reduction in the short term, conversion to shares in the medium term, and guaranteed principal reduction and interest rate reduction in the long term," and also understand the logic of the company's deleveraging. Currently, the company and the creditors are actively communicating and both parties are committed to narrowing differences and seeking solutions that balance the interests of all parties involved.