Country Garden Holdings has cleared a major hurdle this week after securing approval for both its onshore and offshore restructuring plans, offering the embattled developer a lifeline amid mainland China’s property downturn. Sources said the Hong Kong High Court on Thursday endorsed a proposal allowing the indebted developer, once the country’s largest homebuilder by sales, to extend repayment of US$17.7 billion in offshore debt. The creditors now have the option to swap their debt for shares,...