Chinese developer Country Garden wins approval to extend onshore bond – sources

Country Garden has won approval from its creditors to extend payments for an onshore private bond, two sources said on Saturday, in a major relief for the embattled Chinese property developer as well as the crisis-hit property sector.
Country Garden was seeking approval from its creditors to extend the maturity for a 3.9 billion yuan ($540 million) onshore private bond in a vote that ended on Friday night.
China’s largest private property developer had proposed to repay the debt in instalments over three years instead of meeting its obligations by Saturday. The bond is not publicly traded.
The development buys time for the firm to avoid default in what will likely be a major relief for financial markets and the Chinese government, which has announced a raft of measures to support the indebted property sector.