Chinese Developer Yango Agrees to a Bond Swap With Investors

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A Chinese property developer on the brink of default has received approval for a debt swap, allowing it to delay payments.

Yango Group Co. had asked international investors earlier this month to exchange $747 million of dollar debt for new bonds, blaming a shutdown of its usual financing channels for its cash problems. It had said a successful exchange would help it avoid imminent payment defaults and, potentially, a broader restructuring of its business and its debts.