Beijing The Chinese real estate developers Evergrande and Kaisa are on the verge of default. The rating agency Fitch set its rating for both companies to “Restricted Default” on Thursday morning. This rating is only one level above payment default (“default”).
Evergrande had recently owed an interest payment. This was due for the first time in November, and the real estate giant was also unable to meet the grace period of 6 December. A $ 400 million bond was also due at Kaisa on Tuesday. It was also not paid.
More soon.
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