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Pressure Mounts On China Evergrande As Bonds And Shares Tumble
The rout of bonds and shares of China Evergrande Group deepened on Tuesday with one exchange-traded note tumbling more than 20%, as the company faced fresh downgrades over its ability to restructure its massive debts. Debts at Evergrande, the country’s No2 developer, have triggered warnings from regulators worried that its 1.97 trillion yuan ($305.02 billion) of liabilities could spark broader financial risks if not stabilised. Moody’s Investors Service said on Tuesday that it had downgraded the corporate family rating (CFR) of China Evergrande Group and its subsidiaries, following a damaging ratings downgrade by ... (full story)