Evergrande joins Kaisa in ‘restricted default’ after missing payments

Embattled Chinese property developer China Evergrande Group and Kaisa Group Holdings have been downgraded to “restricted default” by international rating agency Fitch Ratings.The downgrade on Thursday comes after several attempts by China Evergrande, the world’s most indebted developer, to stave off such an event through last-minute bond payments a couple of times over the past two months.Fitch said that Kaisa had reportedly failed to make payments on its US dollar bonds due on December 7 and…

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