Fitch Ratings Says Chinese Developer Evergrande Has Defaulted On Its Debt

Daily Mail: Chinese property giant Evergrande defaults on $300billion debt: Beijing prepares 'controlled demolition' of the firm to protect its economy amid fears it could have global consequences

* Chinese property giant Evergrande has defaulted on $1.2billion in bond debt

* It marks the first time the firm has defaulted on debts totalling some $300billion

* Evergrande ran into trouble amid Chinese crackdown on property speculation

* There are fears that Evergrande could have knock-on effect on global economy

Debt-crippled Chinese property giant Evergrande has defaulted on its loans, with Bejing preparing a 'controlled demolition' of the firm to protect its economy.

Evergrande has been struggling to meet its loan commitments since the Chinese government launched a crackdown earlier this year to curb rampant borrowing and consumer speculation in the property sector.

After months on the brink, the company defaulted for the first time on $1.2billion worth of bond debt on Thursday. The company's total debts run to $300billion.

Read more ....

WNU Editor: China is saying that this crisis will be handled .... Hong Kong financial system is mature to deal with Evergrande crisis, PBOC governor says (CGTN). More here .... Evergrande sets up risk management committee amid default concerns (Global Times), and here .... Evergrande Crisis to Be Dealt With by Market, PBOC’s Yi Says (Bloomberg).

Update: This is what is next .... Evergrande Has Finally Defaulted: Here's What Happens Next (Zero Hedge).

As to what is my take. This was predicted, and now everyone is calculating their exposure.

Fitch Ratings Says Chinese Developer Evergrande Has Defaulted On Its Debt

Evergrande, Kaisa cut by Fitch to default after missed payment deadlines -- Reuters

China's debt-crippled Evergrande has defaulted: Fitch -- Straits Times

Evergrande defaults on $1.2B in foreign bonds, Fitch says, as China intervenes in debt-ridden real estate sector -- CBS/AFP

Evergrande has defaulted on its debt, Fitch Ratings says -- CNN

Ratings agency Fitch says it considers China's Evergrande to be in default, and cuts its creditworthiness even further into 'junk' territory -- Insider

Chinese real estate giant Evergrande defaults – Fitch -- RT

The rise and demise of Chinese property giant Evergrande -- AFP