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China debt crunch

Investors face dilemma as Chinese developers offer bond swaps

Holders told to accept reduced and delayed repayment or take bankruptcy risk

Recent votes by investors on whether to accept bond swaps offered by beleaguered Chinese property developers have delivered mixed results.    © Reuters

HONG KONG -- Investors holding bonds issued by China's lengthening list of distressed property developers are increasingly facing a stark choice: accept proposals to postpone repayment and forgive part of the debt, or gamble on what might be recovered in a bankruptcy restructuring.

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