Kirkland & Ellis advised the ad hoc group of noteholders on the successful restructuring of approximately USD 17.7 billion offshore liabilities of Country Garden Holdings Company Limited (HKEX: 2007), a leading PRC property developer. The restructuring became effective on December 30, 2025, following a multi-year negotiation and implementation process and the sanction of a scheme of arrangement by the Hong Kong Court on December 4, 2025. Country Garden’s offshore restructuring represents one of Asia’s most significant and largest restructurings of Chinese property developers in the current sector-wide crisis. It is one of the largest schemes of arrangement by value ever sanctioned by the Hong Kong Court to date. This transaction marks another landmark mandate for Kirkland and reinforces the firm’s market-leading role in Asia advising on the most significant and complex offshore restructurings in the region. Kirkland advised the ad hoc group throughout the restructuring process, including in negotiations with Country Garden and other stakeholders in relation to the restructuring terms and the post-restructuring debt and equity instruments. The Kirkland team included restructuring lawyers Neil McDonald, Wei-Yang Lim, Anthony Wijaya, Zhao Wang Teo, Su Yi Yeoh and Yvette Zhou; debt finance lawyers Sean Zhang and Johnson Man; corporate lawyers Pierre-Luc Arsenault and Yawen Li; capital markets lawyers Cedric Van den Borren and Rohan Sahai; and litigation lawyer Kevin Leung.