SHANGHAI, Sept 12 — China’s largest private property developer Country Garden has won approval from its creditors to extend the repayments on six onshore bonds by three years, two sources familiar with the matter said today.
In the voting, which concluded by 10pm Hong Kong time on Monday, creditors approved extending six out of the eight bonds, the two sources said. The latest voting came after Country Garden on September 1 gained approval from creditors to extend payments by three years for a 3.9 billion yuan onshore private bond.Country Garden, one of the few large Chinese developers that has not defaulted on debt obligations, has faced liquidity pressure with reduced available funds as sales plunged, its interim financial statements showed.