HONG KONG (Reuters) - Chinese property developer Country Garden ( CTRYF ) said on Thursday it proposed a restructuring deal for its offshore debt, providing its creditors multiple options, including converting their debt into cash and maturity extension.

The update on the offshore debt restructuring progress was provided ahead of Country Garden's ( CTRYF ) liquidation hearing on Jan. 20, paving the way for the developer to seek more time from the Hong Kong High Court to implement a restructuring plan.