SHANGHAI—Chinese homebuilder Yango Group offered on Monday to exchange some U.S. dollar bonds for new notes personally guaranteed by its chairman, as it struggles to free up cash and avoid defaulting on upcoming debt payments.
Yango’s liquidity crunch comes against the backdrop of a debt crisis at larger rival company China Evergrande Group, which has stoked concern among investors globally about the country’s deeply indebted, $5 trillion property sector and tightened funding access for other developers.
