Chinese developer Country Garden Holdings has delayed from Friday until Aug. 31 the deadline for holders of a private yuan bond to vote on its new plan to extend its repayment schedule, a filing seen by Reuters showed.
China's largest private developer earlier this month missed two dollar coupon payments totalling $22.5 million, raising fears that the country's deepening property debt crisis will hamper the financial sector and a broader economic recovery. The person, who declined to be named because he was not authorized to speak to media, added that 60 per cent of the company's total onshore bond maturities are concentrated over the rest of this year, so repayment extensions could give it time to improve its operations and cashflow.
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