BUSINESS

Country Garden Wins Creditor Backing for $17.7 Billion Debt Restructuring

Published: Nov. 7, 2025 4:48 a.m. GMT+8

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Residential buildings under construction at Country Garden Holdings Co.’s Century Center development in Foshan on May 22, 2024. Photo: Bloomberg

Troubled Chinese property developer Country Garden Holdings Co. Ltd. said its offshore debt restructuring plan has won strong creditor backing, clearing a najor hurdle in its $17.7 billion debt overhaul.

At a creditors’ meeting on Wednesday, 83.7% of lenders in the syndicated loan group and 96% of dollar bondholders voted in favor of the plan, well above the 75% approval threshold required under Hong Kong’s Companies Ordinance. Final court approval is expected on Dec. 4.

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Country Garden secured over 83% lender and 96% bondholder approval for its $17.7 billion offshore debt restructuring, reducing obligations to $11.7 billion and expected to record up to 70 billion yuan gain.
The restructuring covers 34 debt instruments across multiple jurisdictions and follows domestic approvals impacting 13.3 billion yuan.
Sector-wide, 21 Chinese developers have restructured 1.2 trillion yuan in debt in 2025, with deeper write-downs and longer extensions becoming more common.

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Who’s Who

Country Garden Holdings Co. Ltd.: Country Garden Holdings Co. Ltd., a troubled Chinese property developer, secured strong creditor backing for its $17.7 billion offshore debt restructuring plan. The plan, favored by 83.7% of syndicated loan lenders and 96% of dollar bondholders, is set to significantly reduce its debt and financing costs, buying time for the company to stabilize operations.

Sunac China Holdings Ltd.: Sunac China Holdings Ltd. received court approval for its $9.6 billion offshore restructuring plan. This deal, along with its early 2025 onshore restructuring, is expected to reduce the company's repayment pressure by approximately 70 billion yuan, bringing its external debt close to zero.

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What Happened When

By 2025：: 21 defaulted Chinese developers completed restructuring or reorganization plans covering 1.2 trillion yuan in total debt.

Early 2025：: Sunac completed an onshore restructuring.

September 2025：: Country Garden’s domestic debt restructuring, covering 13.3 billion yuan across eight bonds, was approved.

September 2025：: Bank of China Research Institute released a report indicating sector restructuring has shifted from individual breakthroughs to replicable models.

November 5, 2025：: Country Garden’s offshore debt restructuring plan received 83.7% approval from syndicated loan lenders and 96% from dollar bondholders at a creditors’ meeting.