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Bond Market News
Country Garden Gets Support for Offshore Debt Restructuring
November 6, 2025
Country Garden (COGARD) is wrapping up its $14.1bn offshore debt restructuring after more than two years, with creditors approving its plan in a vote yesterday. COGARD obtained requisite vote majorities from its creditors for its class 1 scheme and class 2 schemes. The debt proposal aims to reduce the developer’s debt by as much as $11.6bn, offering creditors with cash payments, convertible bonds and new notes with a maturity as long as 11.5 years. The plan could cut COGARD’s total debt by over 20% if at least $7.5bn of offshore debt is converted into mandatory convertible bonds. Its dollar bonds continue to trade at deeply distressed levels of 9 cents on the dollar.
Separately, China Vanke was downgraded by S&P to CCC from B-. S&P expects that Vanke will need to rely on favorable conditions such as continuing loans from Shenzhen Metro and cash collection from contracted asset disposals to meet its debt obligations. This downgrade follows after the company announced earlier this week that it signed a framework agreement with Shenzhen Metro Group to draw upon its loan facility. Vanke 3.5% 2029s has fallen by 10 points since beginning of this month.
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