Chinese developer Country Garden wins approval to extend onshore bond - source

Embattled Chinese property developer Country Garden has won approval from creditors to extend payments for a 3.9 billion yuan ($540 million) onshore private bond, a person familiar with the matter said on Saturday.

Friday's vote buys time for the firm to avoid default in what will likely be a major relief for financial markets and the Chinese government, which has announced a raft of measures to support the indebted property sector.