The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. She noted that Country Garden and other developers face payments for sizeable maturities this year. In the deal reached after a vote on its proposal late on Friday, Country Garden is now allowed to repay the onshore debt in instalments over three years, instead of meeting its obligations by Sept. 2. After that, the creditors said they expect Country Garden to enter into restructuring negotiations for its entire offshore debt to avoid a "hard default", similar to what it did with the onshore creditors. Country Garden did not immediately respond to a request for comment.

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Persons: Aly, Tara Hariharan, haven't, Qi Wang, Xie Yu, Joe Cash, Sumeet Chatterjee, Edwina Gibbs Organizations: Shanghai Country Garden, REUTERS, HONG KONG, HK, Management, Thomson Locations: Shanghai, China, HONG, New York, Hong Kong, Carolina, Beijing