Fitch has become the first rating agency to declare that China Evergrande’s overseas bonds are in default after the world’s most indebted developer failed to make a crucial interest payment this week.
The announcement marked the most significant moment yet in the developer’s marathon liquidity crisis that has spread to other businesses across the country’s vast real estate sector and fuelled global concerns about the potential impact on China’s economy.
Evergrande, which has liabilities exceeding $300bn, missed a Monday deadline to repay bond coupons totalling $82.5m. The group had still not transferred the funds as of Wednesday in New York, according to people familiar with the matter.
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