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The letter said some important notices were sent only to selective bondholders, and that the meeting with some bondholders for the vote had been delayed multiple times without reasons being clearly explained.
Therefore, the letter said, the result should be nullified.
It was not immediately clear what impact the objections of the small bondholders will have on the repayment extension deal.
One of the bondholders, who signed the letter and declined to be named due to the sensitivity of the matter, said creditors wanted to voice their discontent and flag the process to regulators.
Chances, however, were slim for them to reverse the voting results, the bondholder said.
Country Garden declined to comment.
DeHeng Law Offices, a Beijing-based law firm that signed off Country Garden’s voting results in a legal opinion letter sent to investors on Saturday, said the voting was held under legal procedures and the results were effective.
DeHeng did not immediately respond to Reuters’ request for comment.
The protest by some Country Garden creditors underscores how bumpy the debt restructuring process for the developer could be, as it faces multiple bond payment deadlines both onshore and offshore in coming months.
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