Country Garden Holdings Co. has proposed a grace period of 40 calendar days for a maturing yuan bond, marking the distressed Chinese developer’s latest effort to avoid what would be its maiden default.

The property giant made the proposal for holders of the note to vote at a meeting to be held on Aug. 31 by the latest, according to a filing to the Shanghai Stock Exchange’s private disclosure platform that was seen by Bloomberg News. The bond, which carries an original maturity date of Sept. 2, a Saturday, will effectively come due on Sept. 4.

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Country Garden Seeks to Add Grace Period for Maturing Yuan Bond