China property shares slide as Evergrande crisis reverberates

China property shares slide as Evergrande crisis reverberates

SHANGHAI, Oct 14 (Reuters) - Shares of Chinese real estate firms fell further on Thursday as investors fretted about a debt crisis rippling through developers including China Evergrande Group (3333.HK), a day after the sector was hit with fresh 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, spooking investors. 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 (603818.SS) 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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