Country Garden has won approval from its creditors to extend the maturity of one more onshore bond, sources with knowledge of the matter said, as the Chinese developer battles to avoid a default amid Beijing's efforts to stabilise the crisis-hit sector.
onshore bond has been extended by three years, said the sources, who declined to be named as they were not authorised to speak to the media.
A Country Garden spokesperson did not immediately respond to Reuters' request for comment on the maturity extension of the bond. Despite the temporary debt reprieve, investors are focusing on near-term sales prospects for Country Garden and its peers after authorities rolled out a raft of property support measures in the last few weeks.
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