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China debt crunch

Developer China Aoyuan will not repay investors for $688m bonds

Company also halts payments on other offshore debt securities

A China Aoyuan project in Hong Kong.    © Reuters

HONG KONG -- Property developer China Aoyuan Group said that it will not redeem nearly $700 million in offshore bonds coming due this week and halt coupon payments on others to preserve cash and "maintain fairness among all of its creditors."

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