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China debt crunch

Chinese banks brace for losses as Evergrande reckoning looms

Government could move to protect homebuyers ahead of lenders

HONG KONG -- With $305 billion owed to banks, bondholders, trust companies, homebuyers, suppliers and contractors -- plus an unknown amount in off-balance sheet liabilities largely owed to retail investors -- who will collect first if China's Evergrande defaults?

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