, said the Fitch Ratings agency, which cited the crisis-hit developer's failure to pay more than US$1.2 billion in bond repayments.
Here is a timeline of Evergrande's rise to become one of China's biggest developers, demise into one of its worst debtors and, ultimately, default:Steel-factory worker Xu Jiayin starts Evergrande, targeting millions of middle-class Chinese climbing onto the property ladder across the rapidly urbanising country.
Evergrande sells 28 per cent of its property management unit for US$3 billion and starts offloading properties at increasingly steep discounts.JUNE 2021: SCRUTINY ON HOME DEPOSITS It warns that negative media coverage and rumours have led to waning confidence and falling property sales during a normally buoyant September selling period.
China's central bank says mid-October that risks for the wider financial sector from Evergrande's crisis were"controllable", in a bid to calm fears of financial contagion.
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