<p>
China&rsquo;s beleaguered real estate major Evergrande Group missed the third round of bond repayments on Tuesday, as investors continue to remain edgy especially with Beijing remaining mum on any bailout plan.</p>
<p>
News agency Reuters in a report said that debt-saddled Chinese property firms took heavy fire in bond markets on Tuesday, after the poster child of the sector&#39;s woes, Evergrande Group missed its third round of bond payments in as many weeks and others warned of defaults.</p>
<p>
&ldquo;A wave of developers face payment deadlines before the end of the year and with Evergrande&#39;s fate looking increasingly bleak, fears are mounting of a wider crisis,&rdquo; it said.</p>
<p>
Meanwhile, China&rsquo;s real estate companies have come under the spotlight of the rating agencies. &ldquo;Chinese property developers are suffering credit rating downgrades at the fastest pace in five years as a recent slump in new-home sales adds to concerns about the sector&rsquo;s debt woes,&rdquo; BloomberQuint said.</p>
<p>
<strong>Also read:</strong>&nbsp;&nbsp;<a href="https://www.indianarrative.com/economy-news/china-s-economic-slowdown-debt-and-decline-in-spending-fuels-anxiety-across-the-globe-121216.html">China&#39;s economic slowdown, debt and decline in spending fuel anxiety across the globe</a></p>
<p>
The report added that Moody&rsquo;s Investors Service, Fitch Ratings and S&amp;P Global Ratings have cut Chinese builders&rsquo; ratings a combined 91 times through September 30, triple the number of this year&rsquo;s upgrades.</p>
<p>
Earlier, a foreign policy watcher told India Narrative that Beijing&#39;s refusal to bailout Evergrande has a larger message to China&rsquo;s private sector– that the government will not come to their rescue in case of defaults.</p>
<p>
The Chinese real estate sector and its allied services account for about 30 per cent of the country&rsquo;s gross domestic product (GDP). Besides, according to the latest data, about 29 per cent of all bank loans are directed towards housing.</p>
The Islamabad High Court on Monday heard a petition demanding the safe recovery of the…
Following the tragic demise of Iranian President Ebrahim Raisi and Iran's Foreign Minister Amir-Abdollahian, the…
The Gujarat Anti-Terrorism Squad (ATS) arrested four Islamic State (ISIS) terrorists from the Ahmedabad airport…
In a major feat, the Serum Institute of India (SII) has shipped its first set…
Nepal Prime Minister Pushpa Kamal Dahal secured a vote of confidence on Monday amid protest…
Iran's Supreme Leader, Ayatollah Seyyed Ali Khamenei on Monday tasked Vice President Mohammad Mokhber to…