![]() Shares of developer Fantasia Holdings plunged 50% on Wednesday after it said there was no guarantee it would be able to meet its other financial obligations following a missed payment of $205.7 million that was due on Oct. ![]() Worries over the potential fallout from Evergrande have also slammed the bonds of Chinese real estate companies amid worries the crisis could spread to other markets and sectors. Evergrande - a real estate giant with a presence in over 280 Chinese cities - was the most prominent developer to pay the price for the clampdown. S&P considers a rating under "BBB-" to be a speculative grade. S&P Global Ratings said separately it had downgraded Shimao Group Holdings' rating to "BB+" from "BBB-" over concerns that tough business conditions would hinder the company's efforts to reduce debts. The developer has coupon payments of more than $59 million due on Thursday and Friday. Just weeks earlier, Evergrande had been declared in default. Kaisa has the most offshore debt of any Chinese developer, after Evergrande. Moody's Investors Service on Wednesday downgraded Kaisa Group, which on Tuesday made a desperate plea for help, citing liquidity risks, limited financial flexibility and weak recovery prospects for its creditors. More developers are seeing their credit ratings slashed on their worsening financial profiles. LONDON, Dec 17 (Reuters) - The poster child of Chinas property crisis China Evergrande Group (3333.HK) was officially declared in default by credit rating agency S&P Global on. Federal Reserve warning on Tuesday that China's troubled property sector could pose global risks. The crisis has spooked investors who fear contagion across Chinas property and banking sectors. ![]() There was a brief lull in mid-October after Beijing tried to reassure markets the crisis would not be allowed to spiral out of control.īut concerns have resurfaced, with the U.S. That prompted Fitch, an agency that rates companies financial risk, to declare Evergrande in default. China's property woes rattled global markets in September and October. That is almost twice as much as the 10.2bn they were faced with in the final quarter of 2021 a burden that caused default at Evergrande and the threat of default at several other developers.
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