AsianFin--A Hong Kong court on Monday adjourned a hearing into a petition seeking liquidation of Country Garden until January 20, 2025, giving a breather to the Chinese developer which is trying to finalise an offshore debt restructuring plan.

Ever Credit Limited, a unit of Hong Kong-listed Kingboard Holdings, filed the liquidation petition against Country Garden in February for non-payment of a $205 million loan.

The developer defaulted on its $11 billion worth of offshore bonds in 2023.

A lawyer for Country Garden told the court on Monday that the developer expected to publish offshore debt restructuring term sheets to creditors in September, and that it planned to seek approval from the court on that arrangement early next year.

The hearing into Country Garden's liquidation petition comes against the backdrop of Chinese authorities intensifying efforts to revive the property sector after it slipped into an unprecedented debt crisis in mid-2021.