1/15/2022- 10:06 a.m.
Major Chinese property developer downgraded to restricted default
Guangzhou R&F Properties Co has been downgraded to restricted default by Fitch Ratings after a credit risk assessor considered a distressed debt exchange.
The company managed to buy back just 16% of a $725 million bond which was originally due Thursday, it has since been extended a further six months.
Concerns about R&F have flared in recent months and lurk in the shadows of China Evergrande, the nation’s largest property developer, which is struggling with over $300 billion in liabilities.
