China's property sector goes bankrupt as Evergrande is unable to pay Hong Kong's debts

China's property sector goes bankrupt as Evergrande is unable to pay Hong Kong's debts

HONG KONG, Oct 5 (Reuters) - As investors were abuzz on Tuesday with cash-strapped China Evergrande Group's possible sale of a stake in a unit to raise as much as $5 billion, more Chinese property developers grappled with ratings downgrades on worries about their ability to repay debt.

Evergrande (3333.HK) is facing one of the country's largest-ever defaults as it wrestles with more than $300 billion of debt. The company last month missed making coupon payments on two dollar bond tranches.

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