Country Garden allowed to postpone first payments on three onshore bonds

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

Embattled Chinese property developer Country Garden said it has won bondholders' approval to further delay payments on three onshore bonds to September, in order to give it more time to raise funds.

The largest Chinese private developer, which has defaulted on its $11 billion offshore bonds and is working on an offshore debt restructuring plan, had in September extended the maturities of eight onshore bonds worth 10.8 billion yuan ($1.49 billion) by three years.