Country Garden wins bond extension in relief for China's property sector

has won approval from its creditors to extend payments for an onshore private bond, according to sources and a document seen by Reuters, in a major relief for the embattled Chinese developer as well as the crisis-hit property sector.

Country Garden debt payment extension buys time for China's largest private developer to avoid default, and is good news for financial markets and the Chinese government, which has announced a raft of measures to support the property sector. Country Garden did not immediately respond to a request for comment. The sources, who have direct knowledge of the matter, asked not to be named as they were not authorised to speak to the media.

The authorities are set to take further action, including relaxing home-purchase restrictions as they scramble to tackle a deepening crisis in its massive debt-riddled property sector, Reuters reported on Friday.

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