China Huarong Asset Management Co.’s shareholders approved a plan to sell assets and raise capital at its long-delayed annual general meeting, two months after the financial giant unveiled a state-led rescue package that ended speculation over its fate, Bloomberg News reported. Shareholders passed resolutions to extend the period in which it can issue the remaining 10 billion yuan ($1.6 billion) of its capital bond quota and grant the board a mandate to issue up to 20% of its outstanding shares, Huarong said in a filing Thursday after the meeting at its Beijing headquarters.

China Evergrande Group has secured more time to pay a defaulted bond, financial provider REDD reported on Thursday, offering rare respite to the developer even as a debt crisis in the broader property sector deepened with more defaults, Reuters reported. News of the three month-plus extension came a day after Evergrande scrapped a deal to sell a 50.1% stake, worth $2.6 billion, in a property services unit that could have eased some immediate pressure on the firm.

The pain is spreading in the market for Chinese junk bonds. Dollar-bond defaults from Chinese property developers are rising quickly as the country’s housing market slumps, and the problem could worsen as a wave of debt from the beleaguered industry comes due in the coming months, the Wall Street Journal reported. Real-estate developers dominate China’s international high-yield bond market, making up about 80% of its total $197 billion of debt outstanding, according to Goldman Sachs.

The Turkish lira plunged to a record low against the U.S. dollar Thursday after a harsher-than-expected cut in interest rates, the Associated Press reported. The decision by the Central Bank’s monetary committee to cut the rate from 18% to 16% surprised analysts. The lira dropped to 9.45 against the dollar, compounding a long run of losses. The cut, which came as inflation stands at nearly 20%, will be seen by many as further evidence of the bank’s lack of independence from the government of President Recep Tayyip Erdogan.

China Evergrande Group has dropped plans to sell a 50.1% stake in its property services unit, which would have raised $2.6 billion, dealing another blow to the cash-strapped developer's efforts to raise cash to pay its creditors, Reuters reported. Once China's top-selling developer and now reeling under more than $300 billion in liabilities, Evergrande was in talks to sell the stake in Evergrande Property Services to smaller rival Hopson Development Holdings.

Asia Aviation Pcl, the operator of Thailand’s biggest budget carrier Thai AirAsia Co., plans to raise as much as 17.9 billion baht ($535 million) from new loans, share sales and convertible-debt offerings as it attempts to restock coffers depleted by the worst crisis in aviation history, Bloomberg News reported. A revised financial restructuring plan for the company has been put forward and Asia Aviation is consulting with new investors, shareholders and creditors, Asia Aviation said in an exchange filing late Tuesday.

Indian bonds may not sell off sharply even as the nation’s central bank unwinds stimulus measures because the monetary authority has been communicating its gradualist approach to participants, according to Reliance Nippon Life Insurance, Bloomberg News reported. “It’s a very transparent and calibrated approach the monetary policy committee is taking,” Jyoti Vaswani, chief investment officer at Reliance Nippon Life Insurance Ltd. said in an interview with Bloomberg TV.

Salt Lake Potash Ltd. said Wednesday that the company is insolvent or likely to become so in the future, MarketWatch.com reported. The Australia-focused fertilizers company has appointed administrators, receivers and managers to market the company and its assets for sale and recapitalization. The group had warned in July that it needed to raise money before the end of the year in order to continue operating its Lake Way project.

Chinese President Xi Jinping has made no secret of his desire to deflate China’s property bubble. But according to people with knowledge of government deliberations, he is facing resistance over a measure aimed at curbing housing speculation: a nationwide property tax, the Wall Street Journal reported. Many economists and analysts have long argued that such a tax could make it more expensive to speculate on property and help bring down prices. That would help reduce the financial burden on middle-class families, in line with Mr. Xi’s goal of a more even distribution of wealth.

China Evergrande Group's deal to sell a 51% stake in its property services unit has been put on hold, two people with knowledge of the matter said, in a blow to the embattled developer's hopes of avoiding a potentially disruptive default, Reuters reported. Evergrande, teetering on the brink of collapse with more than $300 billion in debt, was in talks to sell the stake in Evergrande Property Services to smaller rival Hopson Development Holdings for around HK$20 billion ($2.6 billion), sources have previously told Reuters.