Shanghai: It was reported on Wednesday that the rumbling crisis at China Evergrande Group (3333.HK) and other major homebuilders have been plunged them into debt. The debt market risk bounties on weaker Chinese firms have recorded a boost by accelerating a new round of credit rating downgrades. Evergrande has more than $300 billion in penalties and 1,300 real estate projects in over 280 cities and missed the third round of interest payments.
