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China debt crunch

Troubled Chinese developers raise cash with sales to state peers

Also-ran in 2009 bidding for high-profile Asian Games project now takes control

HONG KONG -- Embattled private Chinese property developers hustling to raise funds to pay creditors are starting to get help from state-owned rivals now wielding the upper hand.

The new dynamic came into play on Tuesday with Guangzhou Asian Games City, a showcase mixed-use development still partly under construction at the site of the 2010 regional event.

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