Shares in Chinese property developer Country Garden rose almost 20 per cent on Monday after creditors agreed over the weekend to restructure the repayment of a renminbi-denominated bond that was due on Saturday.
The approval from bondholders provides the cash-strapped company with more time as it rushes to meet domestic and international repayment obligations.
Country Garden, which has become the focus of international investors trying to gauge the state of China’s vast property sector, said in a statement to bondholders that it had secured 56.08 per cent approval from participating Chinese creditors in a vote.
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