- Late Thursday, Fitch Ratings said Evergrande had not confirmed payment of its latest debt obligation, triggering a default.
- S&P Global Ratings did not have a statement as of Friday afternoon, and referred CNBC to its report Tuesday that said “default looks inevitable for Evergrande.” Moody’s, another ratings agency, did not respond to a request for comment.
- “We should have been calling this a technical default for a long time already, but nobody dared,” Alicia Garcia-Herrero, Natixis’ chief economist for Asia-Pacific, said Friday.
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.
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