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Fitch downgrades Evergrande, Kaisa to 'restricted default' after missed pay deadline

Chinese real estate behemoth Evergrande on Thursday defaulted on its debt, said the Fitch Ratings agency, which cited the crisis-hit developer's failure to pay more than $1.2 billion in bond repayments. Another much smaller Chinese property firm, Kaisa, also defaulted on $400 million of bonds on Thursday, Fitch said.