Dec 09, 2021 06:00 PM

FINANCE

Fitch Labels Evergrande, Kaisa as Defaulters After Missed Payments

Evergrande and Kaisa are two Chinese property developers whose liquidity crises have shaken the nation’s credit markets. Photo: Bloomberg

Evergrande and Kaisa are two Chinese property developers whose liquidity crises have shaken the nation’s credit markets. Photo: Bloomberg

(Bloomberg) — China Evergrande Group and Kaisa Group Holdings Ltd., 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.

　

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