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Another Chinese Developer Defaults in Wake of Evergrande Crisis

·1 min read
Another Chinese Developer Defaults in Wake of Evergrande Crisis

China Evergrande Group (3333.HongKong), the country’s largest property and real estate group, is struggling with $305 billion worth of debt, and narrowly avoided default last week by repaying a $83.5 million coupon payment at the last minute. China’s government and regulators have tightened control on leverage in the property sectors in the past few months, which makes it harder for developers to refinance, and for their customers to take on debt to buy houses.