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China debt crunch

Evergrande sells 4 projects to Chinese state-owned enterprises

Deal settles $1.1bn in liabilities for debt-laden developer

Since Evergrande's debt woes surfaced, the developer has been working on selling in-progress projects to weather the crisis.    © AP
YUSUKE HINATA, Nikkei staff writer | China

GUANGZHOU -- China Evergrande Group on Friday announced the sale of rights to four development projects to state-backed trust companies, as the cash-strapped company seeks opportunities to bolster its finances.

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