Dollar Debt Default Declared Along With Kaisa: Evergrande Update
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China Evergrande Group and Kaisa Group Holdings, the two Chinese property developers whose liquidity crises have shaken the nation’s credit markets, have defaulted on their dollar debt.
The two firms were downgraded to restricted default by Fitch Ratings, which cited missed dollar bond interest payments in Evergrande’s case and failure to repay a $400 million dollar bond in Kaisa’s.