Country Garden Secures Shareholder Approval for $13 Billion Bond Sale
By Kimberley Kao
Country Garden Holdings' shareholders have approved a plan to issue around $13 billion in convertible bonds, as the struggling Chinese property developer restructures its multibillion-dollar debt.
Country Garden will issue three tranches of mandatory convertible bonds, according to an exchange filing posted on Wednesday detailing the plan approved at an extraordinary shareholders meeting.
Shareholders also approved the issuance of warrants.
Last month, Country Garden announced its plan to issue bonds to its debtholders and warrants to its creditors to reduce its offshore debt.
Country Garden, once one of China's largest property developers, on Tuesday received U.S. bankruptcy court recognition for its Hong Kong restructuring plan.
Country Garden has been going through a major restructuring in the midst of a real-estate crisis sparked by a decline in consumer confidence and a subsequent drop in demand for homes. The company posted a record loss of more than $24 billion in 2023, its deepest loss since it went public in Hong Kong in 2007.
It managed to make overdue interest payments to avoid defaulting on its debt for a period of time, but ultimately had to restructure debt after demand for its projects failed to rebound sufficiently.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
December 03, 2025 22:50 ET (03:50 GMT)
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