HONG KONG/LONDON—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 to 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…
Evergrande, Kaisa Cut by Fitch to ‘Default’ After Missed Payment Deadlines
Chinese Real Estate Developer Kaisa’s Debt Defaults Reflect CCP Infighting: Expert
News Analysis Investors of Kaisa Group, one of China’s most active real estate developers, on Nov. 3 unexpectedly received a notice of overdue debt defaults from the company. A similarly unexpected default happened just one month earlier with another real estate developer, Fantasia Holdings. Ji Da, China affairs expert who lives in the United States,…
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