Reuters

China developer shares slide as Evergrande concerns simmer

Shares and dollar bonds of Chinese real estate firms slid again on Thursday as investors fretted about a debt crisis rippling through developers including China Evergrande Group, a day after the sector was hit with rating downgrades. Evergrande, which has more than $300 billion in liabilities and 1,300 real estate projects in over 280 cities, missed a third round of interest payments on its international bonds this week. The world’s most indebted developer, which has been trying to sell assets to raise funds, appeared to have made small progress towards that goal when Qumei Home Furnishings Group announced in a filing on Thursday that it will buy out Evergrande group’s 40% stake in their furnishings joint venture for 72 million yuan ($11.18 million).

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