China is grappling with a slowdown that has rattled global markets, with the spotlight now focused on troubled developer Country Garden's debt crisis in the property sector, which accounts for roughly a quarter of the economy.
On Thursday, Country Gardena deadline for creditors to vote on whether to postpone payments for an onshore 3.9 billion yuan private bond until Friday 1400 GMT, saying it wanted to give bondholders sufficient time to prepare for the vote.
It faces 108.7 billion yuan worth of debts due within 12 months, while its cash levels are around 101.1 billion yuan.
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