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China debt crunch

China Evergrande vows to meet Beijing's 'three red lines' by 2023

Property developer says quarterly debt reduction exceeded target level

China Evergrande Group was the largest of eight Chinese developers seen as failing three mandatory government debt metrics as of January by UBS.    © Reuters

SHANGHAI -- China Evergrande Group, the country's most indebted private borrower, vowed on Wednesday to bring its finances into compliance with "three red lines" set last year by Beijing to restrict further borrowings by property developers and contain risk.

Evergrande has been a focus of attention since last summer when a letter purporting to be a request for government help and warning of strained liquidity circulated online. Though the company denied its authenticity, the developer has since stepped up efforts to raise funds. Earlier this week, it sold a 10% stake in an online home and car sales unit for $2.1 billion.

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