Chinese property giant Evergrande defaults for first time: Fitch

The debt-laden property developer has failed to pay more than $1.2 billion in bond repayments

A view of the Evergrande centre in Shangai. Credit: AFP File Photo

Chinese real estate behemoth Evergrande was declared in default on Thursday by Fitch Ratings agency, citing the debt-laden property developer's failure to pay more than $1.2 billion in bond repayments.

"The non-payment is consistent with an 'RD' (restricted default) rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation," Fitch said in a statement.

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