Global credit rating agency in a report on Thursday noted default of the most indebted real estate developer in the world, China Evergrande Group is still likely.
The reported added, “the firm has lost the capacity to sell new homes, which means its main business model is effectively defunct. This makes full repayment of its debts unlikely,”.
Evergrande earlier on Thursday announced sale of stake in a film and television streaming company for HK$2.13 billion ahead of its $225 million coupon due on December 28.
