Evergrande, Kaisa cut by Fitch to default after missed payment deadlines

Published by
Reuters

By Clare Jim and Karin Strohecker HONG KONG/LONDON (Reuters) – Ratings agency Fitch downgraded property developers China Evergrande Group and Kaisa Group on Thursday, saying they had defaulted on offshore bonds, while a source said Kaisa had started work on restructuring its $12 billion offshore debt. The downgrades to so-called “restricted default” status come even though Evergrande and Kaisa have not officially announced defaults that could result in drawn-out debt restructuring processes. The fate of Evergrande, which has more than $300 billion in liabilities, and other indebted Chinese pro…

Read More

Leave a Reply