Country Garden Holdings (HKG:2007) has gained support from nearly 75% of its bondholders for its offshore debt restructuring plan, Bloomberg reported Thursday, citing people familiar with the matter.

The Chinese property developer needs approval from creditors representing three-quarters of its total debt, along with majorities in individual creditor groups, to move forward with the plan under a "scheme of arrangement" in Hong Kong, the report said.

While bondholder support is nearing the required threshold, Bloomberg noted that a key group of bank lenders, known as the coordination committee, has not yet agreed to the proposal.

Support for the plan comes just ahead of a winding-up hearing scheduled for Monday, the report added.

Country Garden is targeting completion of the $14.1 billion restructuring by December, according to Bloomberg.

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