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on september 4, documents obtained by the paper from creditors showed that country garden will postpone the payment of installments for its nine domestic corporate bonds, and the repayment time will be adjusted to march 2025. previously, three bonds including "h1 bi di 01" had been extended twice, and this is the first time that country garden has extended its bonds three times since its debt restructuring.

prior to this, on august 20, the bond issuer announced that the bond trustee planned to convene a meeting of relevant bondholders in the near future to review matters such as the time limit for handling the relevant bond credit enhancement procedures and suspend trading of the relevant bonds. at that time, many bondholders said that the suspension of trading for the meeting was likely to continue the extension.

taking "h1 bidi 01" as an example of the specific extension plan, the document shows that a bond holder meeting will be held from 9:00 on september 9 to 22:00 on september 13. the meeting will review the "proposal on adjusting the bond principal and interest payment arrangements" and other matters.

the total issuance scale of this bond is 2 billion yuan, the current balance is 19.61672 billion yuan, and the current coupon rate is 4.80%. the redemption date of this bond is march 12, 2026. if investors exercise the put option at the end of the third year, the redemption date of the bonds sold back will be march 12, 2024.

after two extensions, the term of "h1 bidi 01" was adjusted to 6 months (i.e. the maturity date is march 12, 2027), and the principal will be repaid in installments starting from september 12, 2024. the interest corresponding to the installment repayment will be paid together with the principal. that is, the issuer should pay the bond interest generated from march 12, 2023 to march 11, 2024 on september 12, and redeem 6% of the original principal and corresponding interest; and redeem 10% of the original principal and corresponding interest on march 12, 2025.

under the new plan, country garden hopes to extend the repayment of 6% of the original principal and corresponding interest paid on september 12 for 6 months to march 12 next year. country garden will then need to pay 16% of the original principal and corresponding interest. the subsequent repayment nodes will remain unchanged, with 15% of the principal and corresponding interest to be repaid on march 12, 2026, 25% of the principal and corresponding interest to be repaid on september 12, 2026, and 44% of the principal and corresponding interest to be repaid on march 12, 2027.

regarding the debt extension, country garden told the paper that the industry is still full of challenges. affected by the weakening market expectations and weak demand, the company's sales performance continued to be under pressure. in the first eight months of this year, the equity sales amount totaled about 32.8 billion yuan, a year-on-year decrease of about 78%. under the influence of multiple factors such as the overall pressure on industry sales and limited fund allocation, the company has not yet been able to raise sufficient funds for the principal and interest of corporate bonds to be paid.

country garden also stated that, at present, problems such as sales recovery and fund monitoring still exist objectively, and the company is still uncertain about completing fund raising in the short term. the company hopes to use this extension arrangement to, on the one hand, do its utmost to raise funds during the period by doing its best to improve sales, revitalize assets, and cut unnecessary administrative expenses. on the other hand, the company also hopes to actively communicate with investors.negotiate a new comprehensive solution for the company's debt management, in order to better match the current market cycle and the company's capital situation. the company hopes that investors can further give the company a grace period of 6 months. the company will fully communicate with investors during the grace period and comprehensively formulate the next package plan.

in terms of overseas debt, on july 30, country garden announced that the hearing of the company's liquidation petition was postponed to january 20, 2025. at the hearing on july 29, country garden's lawyers said that the company plans to release a list of terms for debt restructuring by the end of september this year and to disclose the debt restructuring support agreement (rsa) in october.