(Yicai) July 30 -- Country Garden Holdings has been given six months to prepare a debt restructuring plan, after a Hong Kong court agreed to postpone hearing a liquidation petition brought against the struggling Chinese property developer.

The High Court has adjourned the hearing to Jan. 20 next year, the Foshan-based company announced yesterday, thanks to the support of the co-ordination committee of bank creditors and an ad-hoc group of bondholders.

Ever Credit filed the winding-up petition against Country Garden on Feb. 27 for non-repayment of a HKD1.6 billion (USD204.8 million) loan, plus interest, the builder said on Feb. 28.

Country Garden plans to release a list of terms for its restructuring by the end of September and make the restructuring support agreement public the following month, The Paper reported today, citing a lawyer for the company.

Country Garden expressed its gratitude to creditors for their ongoing support and engagement and said it will continue to progress its offshore debt restructuring, noting that the firm will keep shareholders and investors informed of any significant developments regarding the petition.

The developer also said trading of its shares [HKG: 2007] in Hong Kong, which was halted on April 2, will remain suspended until further notice.

Country Garden has not yet released its earnings report for last year. It had current liabilities of nearly CNY1.2 trillion (USD165.3 billion) and non-current liabilities of about CNY173.9 billion (USD24.0 billion) as of June 30, last year.

Editor: Futura Costaglione