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Evergrande slides into default while some ratings agencies keep quiet
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cnbc.comIn this article
BEIJING — Indebted property developer China Evergrande defaulted this week with hardly a ripple in markets as most institutions remained silent.
Late Thursday, Fitch Ratings said Evergrande had not confirmed payment of its latest debt obligation, triggering a default. The developer's shares traded 1% lower Friday. The Shanghai composite dropped 0.2%.
Evergrande's problems came to light over the summer amid tight regulation on real estate as investors worried about spillover to China's economy. The company has a total $300 billion in liabilities, with $19 billion in offshore U.S. dollar-denominated bonds — the most of any Chinese developer.
Until Monday, Evergrande had made eleventh-hour interest payments to stay afloat.
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