China Evergrande has defaulted on its debts, Fitch says – The Washington Post

Evergrande, founded in 1996, rode its way to the top of China’s housing boom while building up a mountain of debt. Its founder, Xu Jiayin, briefly became China’s wealthiest business executive in 2017, and Evergrande the world’s most valuable real estate company in 2018. As of June 30 he and his wife, Ding Yumei, together owned 77 percent of the shares, according to a September investor note from the ratings agency Moody’s.

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