China Evergrande Group has obtained an extension on a defaulted bond, according to a financial provider, giving the developer with unusual relief a day after a plan to sell a $2.6 billion share in its property services company fell through.

Evergrande has secured more than a three-month extension to the maturity date of a $260 million bond issued by joint venture Jumbo Fortune Enterprises and guaranteed by Evergrande after agreeing to offer additional collateral.

According to a source familiar with the situation, Evergrande Chairman Hui Ka Yan has committed to invest personal money in a Chinese residential project linked to the bond to assure its completion, opening the path for bondholders to get their dues.

Evergrande debt woes are manageable, China central bank official says | RNZ  News

The announcement of the prolongation comes after Evergrande said on Wednesday that it had canceled a plan to sell a 50.1% interest in Evergrande Property Services Group Ltd to Hopson Development Holdings Ltd because the smaller rival had not satisfied the "prerequisite to make a general offer."

Hopson said in a statement on Thursday that all major banks were favorable about the purchase, and that a third-party financial consultant had confirmed the company had the financial resources needed to acquire the 50.1% ownership and make a general offer.

This is Evergrande's second failed transaction in recent weeks as it seeks to raise capital.