Country Garden Reaches Milestone as Debt Plan Heads to Vote

Country Garden Holdings Co., one of the biggest casualties of China’s real estate crisis, is wrapping up its $14.1 billion offshore debt restructuring after more than two years, with creditors likely to approve its plan in a vote on Wednesday.

The vote represents a milestone for the developer after years of negotiations as it sought to avoid the fate of its peer China Evergrande Group, which was ordered to liquidate in 2024. It’s also a sign of some stability amid a yearslong property slump that has triggered $130 billion of defaults.

Under the debt proposal, Country Garden, ...