HONG KONG Embattled Chinese property developer Country Garden has won approval from creditors to extend payments for a 3.9 billion yuan (US$540 million or RM2.5 billion) onshore private bond, two people familiar with the matter said on Saturday. The development 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. Country Garden did not immediately respond to a request for comment.

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