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Chinese Property Giant Evergrande Drops Unit Listing

China Evergrande Group, the heavily indebted property developer, has scrapped plans to list a key unit after striking deals with co-investors that should avert a near-term cash crunch.

However, after abandoning the plan to take its Hengda Real Estate subsidiary public, Evergrande still needs to find ways to cut its borrowings so that it isn’t in breach of official red lines on property-industry debt, analysts said.


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