Securities in debt-laden Centro Properties Group pulled back from early highs amid confusion over a debt extension agreement that will leave the shopping centre owner hanging by a thread until mid January.

The securities soared 89.66% to 14.5 cents in early trade amid relief that Australia's largest property investor had avoided defaulting on its lenders and would not be placed into administration.

But by 1513 AEDT, enthusiasm had pared back, leaving the stock 2.3 cents or 26.44 per cent higher at 11 cents.

'The company is better than what it was but they're certainly by no means out of the woods,' IG Markets research analyst Ben Potter said.

The Age