Country Garden Secures Shareholder Approval for $13 Billion Bond Sale

Country Garden Holdings’ 2007 1.96%increase; green up pointing triangle shareholders have approved a plan to issue around $13 billion in convertible bonds, as the struggling Chinese property developer restructures its multibillion-dollar debt.

Country Garden will issue three tranches of mandatory convertible bonds, according to an exchange filing posted on Wednesday detailing the plan approved at an extraordinary shareholders meeting.