(Yicai) Sept. 19 -- Cash-strapped Chinese developer Country Garden Holdings has received approval from creditors to extend nine domestic bonds worth about CNY15 billion (USD2.1 billion).

The repayment date of the bonds will be postponed for three years, market participants told Yicai today. The principal will be paid in six or seven installments, with a low payment ratio in the first two years and a higher one in the third, they added.

Country Garden's H19 03, which pays 4.98 percent on CNY3 billion (USD411.1 million), will be rolled over to Nov. 20, 2026. The outstanding CNY992.7 million (USD136.1 million) will be repaid in seven phases. Two percent will be paid in each of the first three phases, 10 percent in the fourth, 15 percent in the fifth, 25 percent in the sixth, and 44 percent in the final phase.

To get approval for the extension plan, Country Garden provided asset packages for each bond as a pledge, including real estate projects around China.

Country Garden has yet to roll over its overseas bonds, but given that it will face a modest peak of offshore debt maturity early next year, the builder will likely begin restructuring work in the short term.

On Aug. 14, trading of Country Garden's 11 domestic bonds was suspended. 

On Sept. 2, creditors approved the extension of Country Garden's first onshore private bond, with eight more expected to follow in the middle of this month and the remaining two to no longer need extension for different reasons.

Country Garden had liabilities of CNY1.2 trillion (USD163.5 billion) as of the end of June, with illiquid liabilities of CNY173.9 billion (USD23.8 billion), the Foshan-based firm said in a financial report last month. Its debt due in 12 months was CNY108.7 billion.

Editor: Martin Kadiev