Updating on the latest on property developers China Evergrande Group and Kaisa Group.
- downgrades to "restricted default" status even though Evergrande and Kaisa have not officially announced defaults
Evergrande has more than $300 billion in liabilities
Adds the Reuters report:
- In its note on Evergrande, Fitch said the developer did not respond to its request for confirmation on coupon payments worth $82.5 million that were due last month, with the 30-day grace period ending this week, and so assumed "they were not paid."
