A major credit ratings firm declared that real estate giant China Evergrande was in default on Thursday, creating the potential for the communist country’s financial …
A major credit ratings firm declared that real estate giant China Evergrande was in default on Thursday, creating the potential for the communist country’s financial system to take a significant hit, The New York Times reported. The firm, Fitch Ratings, said it placed Evergrande under its “restricted default” designation, which means that it had formally defaulted but not yet started a bankruptcy proceeding, liquidation or other process that would stop its operations, the NYT reported. World markets had been watching Evergrande struggle as it appeared barely able to make required payments of its $300 billion or more in obligations, the NYT reported.
