Two of China’s leading real estate developers caught a break yesterday with some creditors agreeing to debt restructuring proposals.

Country Garden was able to convince creditors of bonds worth $67 million to extend the principal payment by another 3 years. Meanwhile, SUNAC got a unanimous (98%) vote in favor of restructuring the company’s $9.75 billion offshore debt. These temporary reprieves help both companies weather the current storm in China’s real estate market, which is starting to show some signs of recovering. But the fragile recovery may not last if Beijing decides to ease off on its supportive stance for the industry. The market is looking for momentum and confidence among investors, which can only happen if Beijing keeps its foot on the policy pedal by increasing liquidity and lowering regulators and restrictions that have hobbled the RE industry in the past few years.