Chinese developer Country Garden has obtained creditor approval to delay a critical bond repayment deadline, avoiding a potential default. The company was able to extend payments on the outstanding principal until 2026, providing temporary relief in the face of a liquidity crisis that has impacted China’s financial markets. However, Country Garden still faces challenges as the country’s broader property debt crisis continues. The developer must also make two dollar note coupon payments within a grace period, or risk default. The company recently reported a net loss for the first half of the year and warned of a possible default.
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