The extension would allow Country Garden to repay the debt in instalments over three years, instead of meeting its obligations by Saturday.
China's property sector, which accounts for roughly a quarter of the economy, has lurched from one crisis to another since 2021 after the authorities cracked down on developers' debt-fueled building boom.
Country Garden's reprieve may give onshore bondholders some relief, but there is still a long way to go as China tries to defuse risks in the crisis-hit property sector and bolster the economy, analysts said.
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