Country Garden Reports H1 Revenue of 44.08 Billion Yuan, Losses Narrow 18% Year-over-Year
Nashnova编辑部
Country Garden (02007.HK) reported RMB 44.08 billion in first-half revenue and a RMB 15.616 billion shareholder loss — an 18% year-on-year improvement — as both offshore and onshore debt restructurings moved into the execution phase.
How big is the loss, and is it getting better?
Shareholders' loss came in at RMB 15.616 billion, narrowing 18.15% year on year. This means → the bleeding is slowing, but far from over — the company still lost more than RMB 15 billion in six months.
Total revenue reached roughly RMB 44.08 billion. Contracted sales attributable to shareholders hit about RMB 14.25 billion, covering approximately 1.825 million square meters.
Management said sales pacing was steady and on track with the annual target. In plain terms = they believe the sell-through rate has not deteriorated further — but "on track" does not tell us how ambitious the target is.
What happened to the US$17.7 billion in offshore debt?
An offshore restructuring covering roughly US$17.7 billion took effect on December 30, 2025, moving the group into a credit-repair and execution phase.
This means → negotiations with offshore creditors are done. The test now is whether Country Garden can meet the new repayment terms on time — that is the milestone the market will watch for credit-recovery confidence.
And the onshore debt?
All nine onshore corporate-bond restructuring plans, totaling about RMB 13.77 billion in principal, were approved within 2025.
The group exercised a cash buyback option of up to RMB 450 million in February 2026 and completed the repurchase in April. It will next pursue share-swap and general-creditor options.
In plain terms = the onshore debt deals are also sealed. Country Garden paid down a small slice in cash first; the rest will be absorbed through share conversions and other mechanisms.
With restructuring done, what is the plan?
Management said the series of restructuring moves has substantially reduced interest-bearing debt, lowered financing costs further, and markedly improved the maturity profile.
The group will use this window to refocus on housing delivery and day-to-day operations, aiming to repair the balance sheet.
This reflects a shift in management priority — from survival at the negotiating table to execution on the construction site — but whether they can deliver, the market is still watching.
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