China property sector woes deepen as markets await Evergrande deal

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Reuters

By Clare Jim HONG KONG (Reuters) – As investors were abuzz on Tuesday with cash-strapped China Evergrande Group’s possible sale of a stake in a unit to raise as much as $5 billion, more Chinese property developers grappled with ratings downgrades on worries about their ability to repay debt. Evergrande is facing one of the country’s largest-ever defaults as it wrestles with more than $300 billion of debt. The company last month missed making coupon payments on two dollar bond tranches. The possible collapse of one of China’s biggest borrowers has triggered worries about contagion risks to the …

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