China Vanke Co., once the nation’s largest property developer before the sector’s unprecedented crisis, has won last-minute backing from creditors to extend the grace period on a bond, allowing the company to avert default for the time being.

Holders of Vanke’s 2 billion yuan ($284 million) note approved a proposal to extend the grace period to Jan. 28, according to a filing on Chinamoney.com on Monday. The company missed the bond’s Dec. 15 maturity, entering a grace period that would have otherwise expired on Monday.

The extension provides Vanke with temporary relief as it navigates the ongoing challenges in China’s beleaguered property market.