HONG KONG: Country Garden has told some of its offshore creditors it plans to present a debt restructuring proposal in the second half of this year, two sources said, as the embattled developer scrambles to stave off a liquidation petition.

China's biggest private developer defaulted on its $11 billion worth of offshore bonds late last year and is facing a liquidation petition in Hong Kong for non-payment of a $205 million loan. The first court hearing has been set for May 17.