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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

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.

The projects, which include condominiums and a theme park, will be taken over by Minmetals International Trust, a subsidiary of state-owned resource company China Minmetals, and Everbright Xinglong Trust, part of the state-owned China Everbright Group. Evergrande will retain some rights.

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