Eksklusif | Setelah pembayaran sebesar 522M yuan, utang publik yang dimiliki oleh Jin Di telah dilunasi

Media Cailian Press, 7 April (Reporter Li Jie) The former leading property developer, Gemdale, has managed to get rid of the burden of publicly issued bonds.

Cailian Press reporter has learned exclusively that Gemdale Group completed, on 7 April, the principal and interest payments for two corporate bond issues, namely “21 Gemdale 03” and “21 Gemdale 04”. The total payout amount is about RMB 522 million.

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

Among them, the issuance size of “21 Gemdale 03” was RMB 2.5B, the coupon rate was 3.91%, and the maturity was 5-year. The bond included, at the end of the 3rd year, an issuer interest rate adjustment feature and an investor put-back option. After the exercise, the remaining principal was significantly reduced; this payout is the final settlement upon maturity.

As for “21 Gemdale 04”, its issuance size was RMB 500 million, the coupon rate was 4.3%, and the maturity was 5-year. Before this payment, the remaining principal was RMB 500 million.

“After these two bonds are settled, Gemdale Group’s existing publicly traded market debt has been fully zeroed out.” An insider told the reporter.

In fact, during the past few years of adjustment in the real estate sector, Gemdale’s bonds and stock price both saw severe volatility in the second half of 2023. Therefore, its funding and debt situation has also drawn high external attention.

The reporter learned that, to ensure the settlement of publicly issued bonds and cash-flow safety, Gemdale Group has, in recent years, actively adjusted its overall market operation strategy. It once paused land acquisitions, and also raised repayment funds through multiple channels such as disposal of large-scale assets and accelerating sales for inventory clearance. It has cumulatively paid over RMB 20 billion of publicly issued debt on schedule.

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

“With the full settlement of Gemdale’s publicly issued bonds, the potential risk of bond default that the capital market cared about most has been thoroughly removed. Credit ratings and market confidence have been strengthened. Its management can also shift from bond repayment to focusing on core business operations and strategic transformation.” A real estate industry analyst told the reporter.

According to Gemdale Group’s disclosed 2025 annual report, it is in an adjustment period of scaling down while reducing size and optimizing its finances. The annual report shows that in 2025, Gemdale Group achieved operating revenue of RMB 35.86B, a year-on-year decrease of 52.41%; and achieved contracted amount of RMB 30 billion.

As cash-flow pressure eases, the company began “filling the stock” in the land market in 2025. However, different from previous large-scale moves, Gemdale adopted a more prudent and precise investment strategy. In 2025, in Shanghai and Hangzhou, it obtained two land parcels in total.

In terms of project reserves, as of the end of the reporting period, Gemdale Group’s total land reserve was about 24.72 million square meters, and its equity land reserve was about 10.59 million square meters, of which cities in tier 1 and tier 2 accounted for 79%.