Country Garden Holdings said its creditors have approved the company’s offshore debt restructuring plan, marking a key step in the embattled Chinese developer’s effort to stabilize its finances.

In a vote held on Tuesday, the proposal received approval from 83.7% of creditors in the syndicate group and 96% of other creditors, both well above the 75% threshold required for passage, the Foshan-based company said in a statement.

The High Court of Hong Kong is scheduled to hold a hearing on December 4 to review the restructuring scheme.

Upon completion, the plan will cut Country Garden’s offshore debt by about $11.8 billion, helping the company ease liquidity pressure as China’s property sector continues to struggle with weak demand and tightening credit conditions.