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In a crucial development, Country Garden, the largest private developer in China, has garnered approval from its creditors to extend payments for an onshore private bond, as reported by sources and a document seen by Reuters. This decision comes as a significant relief not only for the embattled Chinese developer but also for the beleaguered property sector, which has been grappling with a severe crisis.Country Garden had sought the consent of its creditors to prolong the maturity of a 3.9 billion yuan ($540 million) onshore private bond. The voting process concluded on Friday night, resulting in a favorable outcome for the developer.China's sprawling property sector has been mired in an unprecedented liquidity crisis, posing a substantial risk to the country's post-COVID economic recovery, which is the world's second-largest. This crisis has also reverberated across global markets, causing concerns.The extension of debt payments for Country Garden not only buys crucial time for the company to evade default but also represents positive news for financial markets. Moreover, it aligns with the Chinese government's efforts to implement a range of measures aimed at bolstering and stabilizing the property sector, which plays a pivotal role in the country's economic landscape.This development underscores the intricate interplay between China's property market, its economic prospects, and its significance on the global stage, as stakeholders closely monitor these developments for potential implications on broader financial stability.