Country Garden faces key test as onshore bondholders set to vote on extension

A workers stands at a construction site of property developer Country Garden in Beijing on August 15, 2023. (Photo by Pedro PARDO / AFP)

HONG KONG: Embattled Chinese property developer Country Garden faces a critical test of investor confidence on Thursday, with creditors set to vote on its proposal to extend the maturity for an onshore private bond.

The vote, which is expected to conclude by 10 p.m. (1400 GMT) Hong Kong time, will be a key hurdle Country Garden will have to overcome as it strives to avoid default amid a spiralling financial crisis.