China’s ‘three red lines’ policy is about to crush another developer as Yuzhou Group seeks to swap bonds, delay coupon and weaken debt covenants

• Shenzhen-based Yuzhou wants to delay paying two dollar bonds by a year in a debt exchange plan, seeks consent to waive certain default clauses in 12 other bonds
• Troubles follow other developers in same southern Guangdong province as developers are shut out of funding market