Country Garden has won approval from its creditors to extend the repayments on six onshore bonds by three years, said two sources familiar with the matter, reports Reuters.
Onshore creditors voted on Monday for proposals by the distressed developer to extend repayments on eight onshore bonds worth RMB 10.8 billion ($1.48 billion) by three years.
In the voting, which concluded by 10 pm Hong Kong time on Monday, creditors approved extending six out of the eight bonds, the two sources said, asking not to be named as they were not authorised to speak with the media.