<div id="readability-page-1"><div><p><span>Embattled Chinese property developer Country Garden </span><span> said on Monday it had agreed with a key group of bank creditors, which collectively hold 49% of its existing offshore debt.</span></p><p><span>The company defaulted on its offshore debt in late 2023 and is now in a restructuring process, which aims to cut $14.1 billion of that debt by 78%.</span></p></div></div>

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<p>Embattled Chinese property developer Country Garden said on Monday it had agreed with a key group of bank creditors, which collectively hold 49% of its existing offshore debt.The company defaulted on its offshore debt in late 2023 and is now in a restructuring process, which aims to cut $14.1 billion of that debt by 78%.</p>

- Country Garden, a troubled Chinese property developer, has reached an agreement with a major group of bank creditors holding 49% of its offshore debt.  
- The company defaulted on its offshore debt in late 2023 and is currently undergoing a restructuring process.  
- This restructuring aims to reduce its debt by 78%, amounting to $14.1 billion.  

Country Garden wins bank creditor group's support for offshore debt overhaul