# Phoenix Zhituo

Country Garden’s Paper Profit: Engineering a Survival Blueprint in China’s Property Ruins

Country Garden has reported its first net profit in years, primarily due to a massive debt-to-equity restructuring that reduced liabilities by over 216 billion RMB. While the company is pivoting toward light-asset management and 'guaranteed delivery' of homes, its core property development business continues to face significant impairments and market headwinds.