China’s Country Garden wins shareholder approval for $13bn bond issue

China debt crunch

Proceeds from convertible bond sales to go toward offshore debt restructuring

Debt at Chinese property developer Country Garden totaled $125 billion at the end of June. © Reuters

KENSAKU IHARA

December 4, 2025 01:36 JST

HONG KONG — Country Garden Holdings shareholders on Wednesday approved a plan to issue around $13 billion in convertible bonds, a central part of the Chinese developer’s plan to restructure its massive debt.