HONG KONG: Country Garden's deal with creditors for an extension on onshore de
on onshore debt payments worth 3.9 billion yuan has brought the developer and China's crisis-ridden property sector some much-needed respite.
Considered financially sound compared to peers, Country Garden had not missed a debt payment obligation, onshore or offshore, until coupon payments on dollar bonds last month after slowing home demand hurt its cash flow. In the deal reached after a vote on its proposal late on Friday, Country Garden is now allowed to repay the onshore debt in instalments over three years, instead of meeting its obligations by Sep 2.
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