China property sector default woes deepen amid Evergrande disquiet

This file photo taken on September 15, 2021, shows signage on the China Evergrande Centre in Hong Kong.

HONG KONG: Growing worries about defaults at Chinese property developers sapped investor sentiment on Tuesday, amid fresh credit rating downgrades and uncertainty about the fate of China Evergrande Group as it scrambles to raise cash by selling assets.

Evergrande is facing one of the country's largest-ever debt restructurings as it wrestles with more than $300 billion of debt. The company last month missed making coupon payments on two dollar bond tranches.