AsianFin -- Chinese property giant Country Garden announced Monday that it has reached an agreement with a core group of bank creditors representing 49% of its offshore debt, marking a key milestone in its $14.1 billion restructuring plan.

Once China’s largest developer, Country Garden defaulted on $11 billion in offshore bonds in late 2023, compounding a broader sector crisis that has included high-profile collapses such as China Evergrande Group.