After Country Garden reportedly won approval from creditors to extend a major bond payment in order to avoid default, investors are breathing a collective sigh of relief Monday, in a development analysts say will provide some much-needed relief to the troubled property giant.

Since the firm’s liquidity crisis became public last month, this was the firm’s first debt extension.

As well as buying time for the company to avoid default, it offers a temporary respite to the real estate industry, which has been worried that Country Garden’s debt woes would spill over to its peers. There has been no response to a request for comment from the company.

In Hong Kong, Country Garden’s stock soared 13% at midday Monday after multiple reports that bondholders had agreed to extend payment for a 3.9 billion yuan ($540 million) bond maturing Saturday.

Hong Kong’s Hang Seng (HSI) Index advanced 2.4%, driven by the property sector. A new batch of stimulus measures announced last Thursday aimed at boosting the property market also boosted shares. In the wake of a typhoon, Hong Kong stocks were closed last Friday.

As well as property developers, other sectors rallied on Friday. The share price of Sunac China increased by 32%. A 9 percent increase was recorded by Longfor Properties, and an 8 percent increase was recorded by China Overseas Land.

Country Garden will now be able to stretch its payments of $540 million to 2026, as reported by multiple state-owned media outlets on Saturday. It is still necessary to pay the interest on the bond as originally planned.

According to an offering document, the bond was issued in September 2016 with an issue amount of 5.83 billion yuan ($800 million) and a coupon rate of 5.65%.

A majority of bondholders, including state-owned banks and private equity funds, voted in favor of the agreement, according to Southern Media Group.