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China Evergrande struggles to convince investors with debt-cut plan

Weak economic environment could hinder property developer's plan to sell land

China Evergrande Group last week unveiled a plan to restore the luster at the country's largest and most indebted property developer, with the chairman saying it will slash debt by selling land and accelerating sales.   © Reuters

HONG KONG -- Xu Jiayin, China's third-richest person, built his wealth on the back of a corporate borrowing binge and has never been shy of betting on grand plans.

The tycoon, who previously worked at a state-owned steel factory for a decade and then at a trading firm for four years before moving into real estate in 1996, last week unveiled another such plan to restore the diminishing luster of his company, China Evergrande Group.

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