 onshore private bond on Saturday. The firm avoided defaulting on the debt after Chinese creditors agreed over the weekend to allow it to make the payments in instalments over the next three years, according to reports.The company has also wired a payment on a 2.85 million Malaysian ringgit (£490,000; $613,000) denominated bond, according to Bloomberg. However, it is still currently scheduled to make $22m (£17.4m) in debt payments by Wednesday on two US dollar bonds it missed in August. Country Garden did not immediately respond to a BBC request for comment. The company's struggles have come into the spotlight in recent months. Last week, the firm reported a record $6.7bn (£5.2bn) loss for the first six months of the year. Country Garden said in a statement at the time that it was "deeply remorseful for the unsatisfactory performance." On Friday Beijing stepped up measures to boost the economy, with major banks paving the way for further cuts in lending rates. It came as concerns grow about China's property market, which accounts for around a quarter of the world's second largest economy. Issues with home builders to industries making the goods that go in them - are having a major impact as the economy struggles to recover from the pande){kind=link}
Shares in Chinese property firms have jumped after developer Country Garden reportedly secured an extension to a key debt payment deadline.
Major home builders including Country Garden and Evergrande saw their shares rise in Hong Kong on Monday.
Investors also welcomed moves by Beijing to step up its support for the faltering economy.
It marks some rare, good news for China’s crisis-hit real estate industry.
Country Garden’s Hong Kong-listed shares were around 15% higher on Monday afternoon.