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Bond Market News
COGARD’s H1 Loss Widens; Yuzhou Says Debt Restrucuring Conditions are Met
September 1, 2025
Country Garden (COGARD) reported an H1 loss of RMB 19.1bn ($2.7bn), 49% worse than the previous year. It said that the losses primarily came from declines in home settlements and suppressed gross margins. COGARD is currently undergoing its debt restructuring talks. Recently, the developer said that a key group of bank creditors, which collectively hold 49% of its existing offshore debt, have agreed towards its debt restructuring. Its dollar bonds are trading stable, albeit at deeply distressed levels of 8 cents on the dollar.
Separately, Yuzhou Group said that all the conditions for its offshore debt restructuring had been met and has officially taken effect. The restructuring involves claims of ~$6.68bn, and received over 99% of creditors’ approval. Yuzhou expects to reduce the repayment pressure on about $3.5bn in offshore principal and interest. Yuzhou’s dollar bonds are also trading at deeply distressed levels of 7 cents on the dollar.
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