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Country Garden (COGARD) has won local creditors’ approval to extend repayment by three years on six local bonds, in a positive news for the developer. There are two other yuan bonds for which the voting deadline for approving payment extensions was moved to late Tuesday. This comes after the company proposed maturity extension of its local bond last month. Bloomberg notes that one of those bonds includes an RMB 1.44bn ($200mn) note that has a put option (Term of the Day, explained below) on September 14. An approval to extend that bond would save COGARD from the risk of bondholders demanding early repayment and further adding stress to its liquidity.