Country Garden delays key vote on private bond

The vote on the 3.9 billion yuan (US$535mil) onshore private bond is a key hurdle Country Garden will have to overcome as it strives to avoid default amid a spiralling financing crisis and opposition from some creditors. — Reuters

EMBATTLED Chinese developer Country Garden is delaying a deadline for creditors to vote on whether to postpone payments for an onshore private bond, according to a document seen by Reuters, while Beijing rolled out more support measures for the property sector.

The vote on the 3.9 billion yuan (US$535mil) onshore private bond is a key hurdle Country Garden will have to overcome as it strives to avoid default amid a spiralling financing crisis and opposition from some creditors.