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Bond Market News
China Property Developers Provide Update on Resturcturing Progress
October 1, 2025
Several Chinese property developers provided updates on their debt restructuring progress:
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Country Garden (COGARD) said it was progressing with a restructuring plan to convert debt into equity. The restructuring gained support from creditors.
- KWG Group said that the restructuring proposals for two onshore corporate bonds issued by Guangzhou Hejing Holdings Ltd. and one onshore corporate bond issued by Guangzhou Tianjian Real Estate Development Ltd., both wholly-owned subsidiaries, have all been considered and approved at the relevant meetings of bondholders. The restructuring proposal options including cash repurchase at a discounted price, debt-for-asset swap, full conversion into ordinary debts, and debt rollover will be offered
- Agile Group said that it has presented its prelimiary restructuring plan to offshore creditors. It said that the progress was inline with its projected timeline.
- Sunac China said that it will negotiate with its lenders regarding a debt extension, continuing the discussions from the prior month.
- China Aoyuan Group indicated that its onshore restucturing plan was essentially finalized and that opinions from all parties (including onshore creditors) were being solicited. The developer said that it will make a “timely announcement when substantial progress is made”.
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