S&P downgrades rating of Chinese property firm

By Agence France-Presse

Jun 01, 2022 12:11 am

BEIJING: Global credit rating agency Standard & Poor's (S&P) downgraded on Monday Chinese state-backed property developer Greenland over fears the company would default on a bond payment.

Since a government drive to curb excessive debt in the property sector, China's developers have sagged under the weight of massive borrowing that funded their building sprees.

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