Country Garden Signals Lack of Votes for $540.8 Million Bond Extension

Facing stiff opposition from bondholders, Chinese developer Country Garden Holdings Co. Ltd. delayed the vote on its proposal to stretch out repayment of a 3.9 billion yuan ($540.8 million) bond due next month by three years.

The distressed developer pushed the voting deadline from Friday to Aug. 31. The decision was announced about four hours before the original deadline. Holders of the nonpublic Country Garden bond known as 16 Bi Yuan 05 issued in 2016 are also to vote on a proposal by disgruntled bondholders that would require full payment of principal and interest by the time the bond matures Sept. 2.