By Xie Yu, Kevin Huang and Li Gu HONG KONG/BEJING (Reuters) -Country Garden has won approval from its creditors to extend payments for an onshore private ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSHONG KONG/BEJING -Country Garden has won approval from its creditors to extend payments for an onshore private bond, according to sources and a document seen by Reuters, in a major relief for the embattled Chinese developer as well as the crisis-hit property sector.
The extension means the developer can repay the debt in instalments over three years, instead of meeting its obligations by Saturday. The bond is not publicly traded. As Country Garden's financial woes spiralled over the past month, Beijing has rolled out a string of support measures including cutting mortgage rates and removing some curbs on home purchases.
"However, how the improvement will trickle down to help the cash flow of developers remains to be seen. Plus different types of developers are likely to benefit from it very unevenly. Those with more projects in the first-tier cities may benefit first."
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