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China debt crunch

Chinese developer R&F warns investors over bond repayment offers

Debt-strapped company says may not have cash to make good on partial payback

Citigroup analysts estimate Guangzhou R&F sold 8 billion yuan worth of homes last month, 66% less than a year before.   © Reuters

HONG KONG -- Chinese developer Guangzhou R&F Properties has warned investors that it may not have enough cash to make good on deals it offered them to settle a $725 million bond maturing next Thursday.

Last week, it had said it was preparing to put $300 million into a bank escrow account to repay bondholders, who had earlier been offered two different options under which they could get partial repayment next week in exchange for forgiving part of the debt or postponing full repayment.

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