China Evergrande Group, the giant property developer that defaulted on its U.S. dollar bonds more than a year ago, has struck a crucial deal with a group of bondholders, bringing its prolonged debt negotiations close to the finish line.
The Guangzhou-based developer became the highest profile victim of the Chinese government’s deleveraging campaign more than two years ago, which fueled a sharp slowdown in the property sector and ultimately led to dozens of dollar bond defaults. Its negotiation with bondholders—which investors said often appeared close to faltering—covered more than $19 billion of bonds.
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