Yuzhou falls victim to China’s ‘three red lines’ rule as more bonds mature

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China’s crushing “three red lines” policy against home developers continues to claim new victims as Yuzhou Group turned to creditors for forbearance on more than US$5 billion of debt from years of unrestrained offshore borrowing.The group is offering sweeteners to bondholders to delay repayment by a year on two dollar-denominated bonds worth US$582 million in a debt exchange plan, according to an exchange filing, citing significant short-term liquidity pressure. The notes are due this month…

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