Country Garden sets November 5 for debt restructuring scheme meetings

Country Garden Holdings Company Limited has provided an update on its offshore debt restructuring, including notices for scheme meetings and a consent solicitation. Two scheme meetings are scheduled for November 5, 2025, at the offices of Linklaters in Hong Kong: Scheme Meeting (Class 1) at 6:00 p.m. and Scheme Meeting (Class 2) at 8:00 p.m. Scheme creditors must submit valid Custody Instructions by 5:00 p.m. Hong Kong time on October 27, 2025, and Account Holder Letters or Lender Proxy Forms by 5:00 p.m. Hong Kong time on October 31, 2025, to vote.

The company will also implement a consent solicitation for its Existing HKD Convertible Bonds to change their governing law to Hong Kong law. Meetings for 2023 Convertible Bonds and 2026 Convertible Bonds holders will be held on November 5, 2025, at 5:00 p.m. and 5:30 p.m., respectively. Holders must deliver Consent Instructions by 5:00 p.m. Hong Kong time on October 31, 2025, to participate.

Concrete Win Limited, an entity controlled by the controlling shareholder, has undertaken to subscribe for Capitalisation Shares at HK$0.60 per share, settling approximately $1.14 bn of Shareholder Loans. This issue price represents a premium of approximately 36.4% to HK$0.44 and 1.7% to HK$0.59, and a discount of 3.8% to HK$0.62. The proposed restructuring's implementation is subject to various factors, with no assurance of completion by the end of 2025.