China's largest private property developer, Country Garden, has made interest payments on its U.S. dollar bonds just hours before a grace period deadline, averting a second default in four days. This development brings some relief to China's crisis-ridden property sector. Country Garden's failure to pay the coupons, totaling $22.5 million, on time had raised concerns about its cash reserves and the stability of China's property market. Avoiding this default eases worries about potential spillover effects on other bonds and the banking system. Additionally, Country Garden offered to extend the repayment period for onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years.