Evergrande restricted in default following missed bond repayment

State-led restructuring of Chinese developer underway

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Chinese property giant Evergrande missed bond repayment deadline
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Chinese property giant Evergrande missed bond repayment deadline

Chinese property giant Evergrande – the world’s most indebted developer – has been declared in default following a missed coupon repayment totalling $82.5m.

On Thursday (9 December), Fitch became the first rating agency to declare that the firm's overseas bonds are in default. Evergrande missed a Monday deadline to pay back bond coupons, and still had not transferred funds by Wednesday, according to people close to the matter, the Financial Times also reported. Earlier in the week, S&P Global had said that Evergrande's default was "inevitable". The real estate developer has over $300bn in liabilities. The group's chair Hui Ka Yan has reportedly resisted calls to raise cash through the sale of Evergrande's best assets, including land an...

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