Reuters

China property shares pummelled as Evergrande impact widens

Shares of Chinese real estate firms slid on Thursday as investors fretted about a debt crisis rippling through developers including China Evergrande Group, a day after the sector was hit with fresh rating downgrades. Evergrande, which has more than $300 billion in liabilities and 1,300 real estate projects in over 280 cities, missed a third round of interest payments on its international bonds this week, and some other firms have warned they could default. Growing risks in the sector led rating agency S&P Global to deliver fresh downgrades to two of the sector’s bigger firms, Greenland Holdings – which has built some of the world’s tallest residential towers – and E-house, and warn it could cut their ratings further.

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