Country Garden (02007.HK) overseas debt restructuring approved by the majority of creditors, reducing debt by more than 84 billion.

Wisdom Finance APP learned that on November 6th, Country Garden (02007.HK) announced that the creditor meetings for the overseas debt restructuring plan have each received the necessary approval from the statutory majority of voting creditors (Group 1 and Group 2). In Group 1 (syndicated loan group), the approval corresponds to 83.71% of the voting amount of creditors present and voting in Group 1, while in Group 2 (USD bonds and other creditors), the approval corresponds to 96.03% of the voting amount of creditors present and voting in Group 2. This means that this leading private real estate enterprise has successfully crossed the most critical hurdle in its overseas debt restructuring process. The total debt under the overseas restructuring plan amounts to approximately $17.7 billion USD, equivalent to around 127 billion RMB (based on an exchange rate of 7.2).