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China Evergrande sank amid speculations it seeks government support in cash crunch

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China Evergrande Group, the country's second l argest real estate developer, sees its shares and bonds tumble on Thursday amid speculations that the company has pleaded for government support to approve a restructuring plan due to a cash crunch.

On Wednesday, a letter bearing Evergrande’s letterhead and the company’s seal was circulated online, purportedly beseeching southern China's Guangdong provincial government to approve the company’s corporate restructuring with a Shenzhen-listed company.

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