Эксклюзив| После выплаты 522M юаней — публичные облигации Gemdale погашены полностью

Cailian Press 7 April, News (Reporter Li Jie) Former leading real estate developer Gemdale, has shed the burden of its publicly traded bonds.

A Cailian Press reporter learned exclusively that Gemdale Group has completed the principal and interest repayments for two corporate bonds on 7 April, namely “21 Gemdale 03” and “21 Gemdale 04”, with a total repayment amount of approximately 522 million yuan.

It is understood that the bonds “21 Gemdale 03” and “21 Gemdale 04” were both issued in 2021. At that time, the real estate industry had already entered a period of deep adjustment, and the market was paying particular attention to real estate companies’ credit qualifications.

Among them, “21 Gemdale 03” had an issuance size of 2.5B yuan, a coupon rate of 3.91%, and a term of 5 years. This bond includes, at the end of the 3rd year, an interest rate adjustment option for the issuer and a call option for investors to redeem/repurchase. After exercising, the remaining principal amount was significantly reduced; the current repayment is the final repayment upon maturity.

“21 Gemdale 04” had an issuance size of 0.5 billion yuan, a coupon rate of 4.3%, and a term of 5 years. Before this repayment, the remaining principal is 0.5 billion yuan.

“After these two bonds are repaid, Gemdale Group’s outstanding public market debt has been fully cleared to zero.” A source familiar with the matter told the reporter.

In fact, during the property market adjustment over the past few years, Gemdale’s bonds and stock price experienced severe volatility in the second half of 2023, and therefore its funding and debt situation has also received high external attention.

The reporter learned that, to ensure the repayment of publicly issued bonds and cash-flow safety, Gemdale Group has actively adjusted its overall market operating strategy in recent years. It had once even paused land acquisition, and also raised funds for debt repayment through multiple means such as disposing of bulk assets and accelerating sales and de-stocking. It has累计按期偿付超20B元公开市场到期债务.

By the end of 2025, Gemdale Group’s interest-bearing liabilities balance is about 67 billion yuan, of which 98.6% is bank borrowings. The weighted average cost of debt financing is 3.92%, down 13 basis points compared with the end of 2024. The asset-liability ratio is 64.25%; after deducting contract liabilities, the asset-liability ratio is 61.56%, and the net gearing ratio is 65.21%.

“Gemdale’s publicly issued bonds are fully cleared this time, thoroughly eliminating the potential risk of public bond default that the capital markets care most about. The credit rating and market confidence have been strengthened. Its management can also shift from bond repayment to focusing on core business operations and strategic transformation.” An analyst in the real estate industry told the reporter.

Based on Gemdale Group’s disclosed 2025 annual report, it is currently in a period of adjustment for scaling down and financial optimization. The annual report shows that in 2025 Gemdale Group achieved operating revenue of 20B yuan, a year-on-year decrease of 52.41%; and achieved signed contract value of 30 billion yuan.

With alleviated cash-flow pressure, the company began to “top up its inventory” in the land market in 2025. However, unlike past large-scale investments, Gemdale adopted a more prudent and precise investment strategy, and in 2025 it acquired two land parcels in Shanghai and Hangzhou.

In terms of project inventory, as of the end of the reporting period, Gemdale Group’s total land reserve is about 24.72 million square meters, with equity land reserves of about 10.59 million square meters. Among them, the proportion of first- and second-tier cities reaches 79%.