© Reuters. FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo
HONG KONG (Reuters) – Country Garden has secured approval from its creditors to extend the maturity of one more onshore bond by three years, two sources with knowledge of the matter said, as the cash-strapped Chinese developer scrambles to avoid a default.
Country Garden’s onshore creditors voted on Monday for proposals by the distressed developer to extend repayments on eight onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years.
Of those eight Country Garden bonds, maturity extensions for six have been approved, Reuters reported on Tuesday, citing sources. The decision of one remaining bond put on the vote is not known yet.
The sources declined to be named as they were not authorised to speak to the media.
Country Garden did not immediately respond to Reuters request for comment.
