Country Garden wins vote on debt to avoid default

Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment, Bloomberg reported Saturday, narrowly avoiding a potential default.

Bondholders voted this week whether to extend repayment terms on a key note worth 3.9 billion yuan ($535 million) into 2026.

Had they voted against, the company could have faced a default — becoming the biggest Chinese real estate firm to do so since rival Evergrande in 2021.

But late Friday bondholders agreed to extend the deadline for repayment, which was due to fall on Saturday, until 2026, Bloomberg reported.

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