Country Garden Holdings (Country Garden) will allot 219.38 million new shares under its existing general mandate to satisfy US$9.00 million (HK$70.20 million) of work fees owed to an ad-hoc group of creditors (AHG) involved in the company’s ongoing restructuring talks.

The shares will be issued at HK$0.32 apiece, equal to the 60-trading-day volume-weighted average price (VWAP) to 27 March 2026. The price represents a 1.59% premium to the 29 March closing price of HK$0.315 and a 1.54% discount to the five-day average of HK$0.325. The previously approved specific mandate had set a fixed price of HK$0.50; therefore, the board opted to use the more flexible general mandate to accommodate the lower VWAP pricing.

The new shares account for approximately 0.51% of Country Garden’s 42.67 billion shares in issue and will dilute existing holdings to 42.89 billion shares on completion. AHG’s collective stake will increase from 0.52% to 1.03%, while the controlling shareholder’s interest will decline marginally from 40.76% to 40.55%.

Country Garden’s general mandate, approved at the last AGM, allows issuance of up to 5.60 billion shares. After previous issuances, 5.46 billion shares remained available; the current transaction will utilise about 4.02% of that headroom. No additional shareholder vote is required.

Completion is conditional on Stock Exchange approval for listing the new shares and is expected within ten business days after 27 March 2026. Upon listing, the US$9.00 million liability to AHG will be fully settled with equity, preserving the developer’s cash resources amid its restructuring process.

Over the past 12 months, Country Garden has issued several tranches of shares—totalling 10.72 billion—to settle mandatory convertible bonds, loan interest, and work fees linked to its restructuring, without raising new cash proceeds.