<p>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.</p>.<p>"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.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>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.</p>.<p>"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.</p>.<p><strong>Watch latest videos by DH here:</strong></p>