Ratings agency Fitch downgraded property developers China Evergrande Group and Kaisa Group on Thursday, saying they had defaulted on offshore bonds, while a
The developer has been struggling to meet loan commitments following a crackdown launched earlier this year by the Chinese government. The tougher measures aimed to curb excessive borrowing and consumer speculation in the property sector. On Thursday, Evergrande, the real estate giant with a presence in over 280 Chinese cities, defaulted for the first time […]