Country Garden wins approval to extend six onshore bond repayments by 3 years – sources

SHANGHAI/HONG KONG (Reuters) – 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.

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.

In the voting, which concluded by 10 p.m. Hong Kong time (1400 GMT) 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.

Country Garden did not immediately reply to a query by Reuters.