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Mix first 4 ingredients in small saucepan until cornstarch is completely dissolved. Bring to boil on medium heat, stirring constantly. Cook and stir about 4 minutes or until mixture thickens. Add preserves; stir until melted. Cool completely. Reserve 1/3 cup of the marinade for basting.
Place chicken in large resealable plastic bag or glass dish. Pour remaining marinade over chicken; turn to coat well. Refrigerate 30 minutes or longer for extra flavor. Remove chicken from marinade. Discard any remaining marinade.
Grill over medium heat 10 to 12 minutes or until cooked through, turning occasionally and basting with reserved marinade.