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China crisis set to worsen as Evergrande rival Fantasia misses payment

Once China's top-selling property group, Evergrande is facing one of the country's largest-ever defaults as it struggles with more than $300 billion of debt

Topics
Evergrande | property market | debts

Reuters  |  HONG KONG 

Debt-saddled China Evergrande is set to raise more than $5 billion by selling a majority stake in its property management arm, Chinese media said on Monday, a deal which would be the struggling giant's largest asset sale yet if it goes ahead. Once China's top-selling property group, Evergrande is facing one of the country's largest-ever defaults as it struggles with more than $300 billion of debt. Its fate is also unsettling global markets wary about the fallout of one of China's biggest borrowers toppling. Evergrande on Monday said it requested a halt in the ...

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First Published: Tue, October 05 2021. 02:26 IST
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