A residential complex built by Chinese property developer Country Garden is seen in Nanjing, in China's eastern Jiangsu province on August 31, 2023. Photo: STR / AFPSource: AFPChinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment, narrowly avoiding a potential default, Bloomberg reported Saturday. Country Garden's bondholders voted this week to delay repayment on a bond worth 3.9 billion yuan ($535 million), to give it time to recover financially. Country Garden did not confirm the outcome of the vote. Deepening its woes, Country Garden reported a record 48.9 billion yuan loss for the first half of the year.

Source: Daily Nation September 02, 2023 19:39 UTC