HONG KONG/BEJING (Reuters) — Country Garden has won approval from its creditors to extend payments for an onshore private bond, according to sources and a document seen by Reuters, in a major relief for the embattled Chinese developer as well as the crisis-hit property sector.
Country Garden was seeking approval from its creditors to extend the maturity on a 3.9 billion yuan ($540 million) onshore private bond in a vote that ended on Friday night.
An unprecedented liquidity crisis in China’s vast property sector is a major risk to a sputtering post-COVID recovery in the world’s second-biggest economy, which has rattled global markets.
Country Garden debt payment extension buys time for China’s largest private developer to avoid defa…
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