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Chinese property developer Country Garden is again delaying a deadline for the holders of a yuan bond to vote on several proposals regarding the note repayment, Bloomberg News reported on Thursday.
The vote on the 3.9 billion yuan ($537.3 million) 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.
Country Garden is pushing the deadline back by one day to 10 p.m. Beijing-time Friday, the report said, citing filings to the Shanghai Stock Exchange’s private disclosure platform.
($1 = 7.2582 Chinese yuan renminbi)
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