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Thursday, May 2, 2024

Major Chinese developer avoids default

Country Garden wins creditors’ approval for deadline extension but more challenges loom

A residential complex built by the Chinese developer Country Garden is seen in Nanjing, in Jiangsu province. (Photo: AFP)

BEIJING: The Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment, narrowly avoiding a potential default.

The agreement brings some respite amid a…

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