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China debt crunch

Developer Sunac seeks support from Chinese city to stem slowdown

Stock rebounds after company says 'draft memo' erroneously leaked

Sunac insists that its operations and sales in Shaoxing are "normal" and "fine."   © Reuters

HONG KONG -- Property developer Sunac China Holdings has asked for "special policy support" from a city government to stem slowing sales, underscoring challenges faced by once-highflying companies in the world's second largest economy.

Sunac asked Shaoxing, a city in eastern Zhejiang Province famous for its yellow rice wine, for support as rules introduced in June had curbed demand and hurt local projects, according to a letter written by one of its units and seen by Nikkei Asia. The company did not specify what type of support it needed in the letter, which went viral in Chinese social media.

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