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China debt crunch

China central bank to support asset sales by troubled developers

State-owned enterprises enlisted to cut debt loads for companies like Evergrande

The People's Bank of China hopes that transferring responsibility for housing projects to healthier companies will ensure a smooth handover to buyers. (Photo by Yusuke Hinata)

BEIJING -- China's central bank will help struggling developers sell assets to companies on firmer financial footing, looking to whittle away at the mountain of debt in the real estate sector.

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