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China debt crunch

Chinese province turns to highway operator to bail out Yongcheng

Henan Transport takes minority stake in coal company that missed bond payments

HONG KONG -- China's Henan Province has lined up a state-owned company to help bring an end to a series of bond defaults by Yongcheng Coal and Electricity Holding Group that have sparked concerns about local government debt around the country.

After first failing to redeem a 1 billion yuan ($153 million) note on Nov. 10 due to what it called a "liquidity problem," state-owned Yongcheng has missed redeeming three other 1 billion yuan notes.

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