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Nov.22 — Two companies backed by local governments in Guangdong province have stepped in to provide a lifeline for embattled developer China Evergrande Group after a key strategic investor demanded an exit, according to a person familiar with the matter. Meanwhile, Evergrande and its property management arm are seeking to raise as much as HK$15.8 billion ($2.04 billion) in a Hong Kong initial public offering of the unit. Rebecca Choong Wilkins reports on “Bloomberg Daybreak: Asia.”

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