The China Evergrande centre is in Wanchai.
The photo was taken by Marc Fernandes/NurPhoto.
Evergrande's rating was cut by the ratings agency after two subsidiaries missed a coupon payment.
The developer's long-term foreign-currency issuer default rating was lowered to "restricted default", meaning the issuer has not filed for bankruptcy or other form of administration. Evergrande had a "C" rating before it went into default.
According to the Financial Times, Evergrande's bonds are in default.
The failure to pay coupons due on November 6 for Evergrande's subsidiary is reflected in the rating. Evergrande's real estate subsidiary was cut to "RD".
The ratings agency said that the non-payment is consistent with an "RD" rating, which means the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation.
Evergrande didn't respond to request for confirmation regarding the due payments for two bonds.
We are assuming they were not paid.
China's central bank governor Yi Gang said on Thursday that Evergrande's inability to meet its obligations is a market event and shareholder interests will be respected.
He said that the rights and interests of the shareholders and the creditor will be respected.
The government stepped in with assistance for a restricting process after Evergrande said there was no guarantee it could meet its debt repayments.
The Chinese property market remains fragile as the Evergrande situation continues to weigh on the industry. The company's shares closed 4.1% higher in Hong Kong on Thursday, despite the default. The extent of the company's debt problems have come to light, which has caused the company's stock to fall by 90%.
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