Market: Chinese promoters Evergrande and Kaisa in default – BFM Bourse

(BFM Bourse) – Debt-ridden Chinese real estate giant Evergrande was unable to pay $ 82.5 million in repayment despite a one-month grace period beyond due date initial. Another promoter, Kaisa, is also in default.

The Chinese real estate giant Evergrande, strangled by an abysmal debt and whose health worries the financial markets, has defaulted on a payment, the rating agency Fitch announced Thursday.

On November 6, the group should have paid a reimbursement of 82.5 million dollars (73.1 million euros). He had an additional month’s grace period, which ended on Tuesday.

In addition, the Chinese promoter Kaisa, 27th in terms of turnover but one of the most indebted in the country, has “defaulted” on a payment, also announced Thursday the rating agency Fitch.

Kaisa should have paid on Tuesday a repayment of 400 million dollars (353 million euros) due on loan interest. The group had warned last week that it risked finding itself in default of payment.

(With AFP)

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