Investors holding their breath over the fate of embattled Chinese property giant, Country Garden, can finally exhale a sigh of relief this Monday.
Reports suggest that the company has successfully obtained approval from local creditors to postpone repayments on a bond that was nearing maturity.
This marks the first instance where Country Garden has managed to secure an extension on its debt since the public revelation of its liquidity crisis last month. For China's real estate sector, this development comes as a welcome respite.
The industry has been gripped by anxiety, fearing that Country Garden's financial woes could potentially spill over to its peers, thereby creating a domino effect that ripples through the broader economy.
This turn of events not only gives Country Garden a bit more breathing room but also offers a glimmer of hope for the entire real estate landscape in China. The collective sigh of relief echoes not just among investors but across the entire sector, as the industry cautiously watches to see how this unfolding story will impact its future.