Chinese real estate mogul Kaisa defaults on $400M bond payments

• Fitch Ratings downgraded Kaisa Group Holdings’ credit rating to “restricted default

• The real estate giant defaulted again on its $400 million bond payments.

Chinese real estate firm, Kaisa Group Holdings, has been downgraded by Fitch Ratings to “restricted default,” after it defaulted again on its $400 million bond payments.

The Chinese realtor was one of the first real estate moguls to default on its overseas payments in 2015. As of June, the company has about $10.9 billion of dollar bonds outstanding.