"China's Property Market Finds Relief as Country Garden Secures Debt Deal"
Country Garden, one of China's top private developers, has reached a deal with creditors for an extension on onshore debt payments worth 3.9 billion yuan ($536 million), providing relief to the crisis-ridden Chinese property sector. The news boosted Country Garden shares by 14.6% and led to a rally in China's mainland property stocks. However, it remains uncertain whether the stimulus measures implemented by Beijing will revive property demand and ease the sector's cash squeeze. The company still faces significant debt maturities this year, and while the extension deal averted an onshore default, it is yet to be seen if the company can make interest payments on its offshore dollar bonds.