Country Garden’s Hong Kong-listed shares increased 10% after the debt-laden developer received creditor clearance.
The bondholder reprieve came as investors are closely monitoring whether China’s latest government stimulus measures including lowering existing mortgage rates and offering preferential loans for first-home purchases in big cities might be enough to restore consumer confidence and sow the seeds for an eventual property market recovery.
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 Sept 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.
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