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China debt crunch

Chinese authorities summon Evergrande chairman, send in risk managers

Troubled property group looks to restructure offshore debt in talks with creditors

 China Evergrande said there was no guarantee that it would have enough funds to meet its financial obligations.   © Reuters

SHANGHAI -- Local Chinese authorities have announced they would send a team of risk managers to China Evergrande Group as the troubled property giant said it intended to work with creditors on a plan for restructuring its offshore debt.

Officials from Guangdong Province summoned Evergrande Chairman Hui Ka Yan late Friday. Authorities agreed with debt-laden Evergrande's request to send a working group to the company. The team will reportedly help bolster risk management and internal controls.

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