Recently, reports suggested that Hong Kong-listed Country Garden (02007.HK) was conducting a "large-scale recall of former employees." The company has clarified that there is no special plan for "mass rehiring of former staff." Rehiring is merely one of the regular channels to supplement a small number of specific key positions and is only carried out for limited, particular role requirements.
It is understood that in January of this year, Country Garden revised and updated its existing internal document, the "Management Measures for Rehiring Former Employees," which is not a newly introduced policy. The company responded that it has established a regular internal management system review mechanism and, based on operational realities and management needs, conducts annual reviews and detailed optimizations of existing systems.
Country Garden further stated that related media reports contained one-sided and exaggerated interpretations, with some content inconsistent with the actual situation. The company is steadily advancing core tasks such as operational recovery and ensuring project completion and delivery. Its talent strategy is always aligned with actual business needs.
However, regarding rehiring, the document explicitly states that it is intended to ensure orderly business progress, align with the company's recovery phase development pace and new project development demands, gradually improve key position staffing, provide strong support for stable business advancement, and further standardize the management of high-level personnel returning to the company.
Within Country Garden, restoring normal operations is as important as ensuring project delivery. During a monthly management meeting held on March 6 this year, Chairperson Yang Huiyan reiterated that 2026 is positioned as "the most critical year for the company's transition from ensuring project delivery to normal operations."
Real estate development will remain a significant business direction for Country Garden in the future. During the meeting, Yang Huiyan also revealed that over the next 3 to 5 years, the company's strategic core will focus on "building core competitiveness." On the product and service side, the company will adhere to a customer-oriented approach, promote iterations such as the fourth-generation residences, and leverage its full industrial chain advantages to integrate product design and property services.
As early as February last year, Chairperson Yang Huiyan first proposed in an internal meeting that the second half of 2025 would equally emphasize ensuring project delivery and preserving the corporate entity, preparing for a return to normal operations in 2026. During an internal meeting on November 11 last year, Yang Huiyan further introduced the concept of a "second venture."
The prerequisite for restoring operations is completing debt restructuring, a condition that has now largely been met. By the end of last year, restructuring plans for nine bonds involved in Country Garden's domestic debt restructuring, with a total principal of approximately 13.77 billion yuan, had been approved by creditor meetings.
Country Garden previously indicated that, assuming full subscription of all domestic restructuring options, it expects to achieve a reduction of over 50% in debt principal, with debt maturities extending up to 10 years. There will be no repayment pressure for the first five years, bond interest rates will be reduced to 1%, and interest payment methods will be adjusted to "principal before interest."
Regarding overseas debt restructuring, on December 30, 2025, Country Garden's approximately $17.7 billion overseas debt restructuring officially took effect, with the plan being implemented as scheduled. During the first working week after its effectiveness, the company paid approximately $398 million in cash consideration to participating creditors, representing about 2% of the total debt principal.
In addition to cash payments, the restructuring plan offers creditors a choice through a combination of instruments, including "new notes, convertible bonds, and mandatory exchangeable bonds," catering to different risk preferences.
Since January this year, Country Garden has completed multiple conversions of convertible bonds. On February 16, the company reported that the cumulative number of shares issued had reached 41.655 billion, with approximately 13.727 billion new shares issued following the implementation of the restructuring plan. According to a share issuance statement disclosed on March 5, the number of new shares issued post-restructuring was about 14.233 billion, close to 51% of the total shares issued before the restructuring.
On March 9 this year, Country Garden provided another update on its overseas debt restructuring, stating that on December 30, 2025, it issued 135.6 million shares to GLASHK at an issue price of HK$0.40 per share under a general mandate.