Country Garden Staves Off Worsening of Debt Crisis With Payment.

Chinese developer Country Garden Holdings Co. has taken steps to prevent its debt crisis from worsening by paying off a yuan note ahead of schedule and selling a stake in a mall operator. The company's onshore unit, Country Garden Real Estate Group Co., repaid an 800 million yuan bond and sold an investment in Zhuhai Wanda Commercial Management Group Co. to raise cash for offshore debt restructuring. These moves have provided relief to investors following a previous bond default and have come after a commitment from a top housing official to avoid further debt defaults by developers. However, challenges remain in resolving offshore debt and reviving property sales. [Extracted from the article]