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. Yango is offering $25 in cash and $1,000 in new notes for each $1,000 of existing bonds exchanged, it said in a Hong Kong bourse filing. The exchange offer applies to its U.S. dollar notes due in January 2022, March 2022, and February 2023 that have an outstanding face value of $747 million. The new bonds are personally guaranteed by Lin Tengjiao, Yango’s founder and chairman, the filing said. The Hurun Global Real Estate …