China Evergrande Group on Thursday secured a crucial approval from onshore bondholders to delay payments on one of its bonds, as other cash-strapped developers also scrambled to negotiate new terms with creditors to avoid defaults, Reuters reported. Struggling with more than $300 billion in liabilities, sector giant Evergrande was seeking more time for bond coupon and redemption payments to avoid a technical default that would have complicated its politically sensitive restructuring. The deadline to vote on the six-month delay to payments of the 4.5 billion-yuan ($157 million), 6.98% January 2023 bond ended earlier on Thursday. The bond terms gave holders the right to sell it back early to the issuer on Jan. 8. In a statement late on Thursday, the developer's main unit Hengda Real Estate Group said that it had reached an agreement with bondholders to delay payments. Of those who voted, 72.3% approved the proposal to extend the redemption and coupon payments, the statement said, adding that trading in the bond, suspended since Jan. 6, will resume on Monday. Read more.