Yango Group Co. asked international investors to swap $747 million of dollar debt

for new bonds, blaming a shutdown of its usual financing channels for the cash crunch.

Last week, the heavily indebted China Evergrande avoided default for a second time by making an overdue interest payment on dollar bonds

WSJ 1 November 2021

https://www.wsj.com/articles/chinese-developer-yango-group-proposes-bond-swap-to-avoid-imminent-default-11635760688

Yango shares fell as much as 9% Monday in Shenzhen, hitting a seven-year low. Several of its onshore bonds plunged to record lows, prompting trading halts. 

https://www.bloomberg.com/news/articles/2021-11-01/china-developer-yango-tries-to-avert-default-with-bond-exchange

How an Evergrande Collapse Would Cascade

The key to managing the crisis is not just to contain the risk of the financial loans, but also the other two-thirds of the liabilities owed by the distressed real estate developer to a vast network of companies and enterprises in its supply chain — including providers of construction services and material as well as contractors and subcontractors supplying needs ranging from labor to decoration.

Bloomberg 31 October 2021

https://www.bloomberg.com/opinion/articles/2021-10-31/an-evergrande-collapse-could-cause-a-domino-effect-of-small-business-failures