The extension would allow Country Garden to repay the debt in instalments over three years, instead of meeting its obligations by Saturday.
China's property sector, which accounts for roughly a quarter of the economy, has lurched from one crisis to another since 2021 after the authorities cracked down on developers' debt-fueled building boom.
Country Garden's reprieve may give onshore bondholders some relief, but there is still a long way to go as China tries to defuse risks in the crisis-hit property sector and bolster the economy, analysts said.
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Country Garden wins bond extension in relief for China's property sectorThe Chinese developer won approval from its creditors to extend payments for an onshore private bond, sources said.
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After Country Garden debt deal, focus shifts to China property recovery prospects By ReutersAfter Country Garden debt deal, focus shifts to China property recovery prospects
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After Country Garden debt deal, focus shifts to China property recovery prospectsCountry Garden's deal with creditors for an extension on onshore debt payments worth 3.9 billion yuan ($537 million) has brought the developer and China's crisis-ridden property sector some much-needed respite.
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China ramps up economic support as Country Garden vote looms By ReutersChina ramps up economic support as Country Garden vote looms
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Asian Stock Market: Sentiment remains firmer on China, Country Garden newsThe risk appetite improves in Asia during a sluggish start to the week elsewhere as China defends the region’s bulls whereas the US Labor Day holiday
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