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China's embattled property giant Evergrande has failed to deliver a preliminary debt restructuring plan it had promised by July 31, leading to further concerns about the future of the world's most indebted developer, media reports said.
Chinese authorities are promising to establish an initial rescue fund of $11.8 billion (80 billion yuan) to offset a looming crisis in the real estate sector, where home buyers routinely purchase residences from developers' plans and begin making mortgage payments before the dwellings are finished,