From RT.com…
The China Evergrande Group has been declared in default on its dollar debt by Fitch Ratings. Evergrande is the second largest residential real estate company in China, with more than 1,300 projects in 280 cities.
The US-based rating agency cut the developer’s rating to Restricted Default due to non-payment of US$1.2 billion in bond repayments within the grace period, which expired on Monday.
The Chinese firm has the largest amount of debt of any private company in the world – $300 billion, as of June.
