Country Garden secures bondholder reprieve, shares soar

Shares in Country Garden jumped as much as 10% on Tuesday after Reuters first reported that the cash-strapped Chinese property developer secured approval from its creditors to extend the maturities of six onshore bonds. The stock was the third-biggest percent gainer in Hang Seng Composite Index, which tracks properties and construction stocks. Reuters reported, citing sources, that Country Garden has won bondholders’ approval to extend the maturity periods of those six onshore bonds by three years. The development will help Country Garden avoid a debt default and come as a relief to the crisis-hit Chinese property sector.