China’s debt-crippled property giant Evergrande defaults: Fitch
BEIJING: Debt-crippled Chinese property giant Evergande has defaulted for the first time, Fitch Ratings agency said yesterday, as authorities scrambled to avoid contagion throughout the world’s second biggest economy. The Chinese government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real estate firms as well as rampant consumer speculation.