Country Garden Extends Bonds to Avoid First Local Default

-- Chinese developer Country Garden Holdings Co., one of the biggest symbols of the nation’s broader property debt crisis, won approval to push back payments on three yuan bonds, people familiar with the matter said, staving off its first local default for now.Noteholders finished voting this week to extend coupon and principal installment payments to September, said the people, asking not to be identified. The company had missed initial deadlines from March 12 through April 12 for the payments.

The company recently warned it will miss a deadline for reporting annual results, causing its shares to be suspended from trading in Hong Kong.It’s also fighting a winding-up petition filed by a creditor in a Hong Kong court. The first hearing is scheduled for May 17, when it will have to show progress on its offshore restructuring to fend off a potential liquidation order.

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