BEIJING: Chinese real estate behemoth Evergrande was declared in default on Thursday by Fitch Ratings agency, citing the debt-laden property developer’s failure to pay more than $1.2 billion in bond repayments. “The non-payment is consistent with an ‘RD’ (restricted default) rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance … Read more
BEIJING: The Chinese city of Chengdu has announced measures to make it easier for developers to sell properties, making it the first to loosen restrictions on the sector that has come under intense pressure following a debt crackdown by Beijing. The announcement comes after several real estate companies, led by industry giant China Evergrande, were plunged … Read more
BEIJING: Chinese developer Kaisa Group suspended trading in its Hong Kong-listed shares on Friday, raising concerns about a deepening cash flow crisis at the firm, as China’s crucial property sector comes under intense pressure. The announcement came as a liquidity crisis at one of the nation’s biggest property developers, China Evergrande, throws a spotlight on the … Read more
