Fitch downgrades property developer China Evergrande

Ratings agency Fitch said on Wednesday it has downgraded Chinese property developer China Evergrande Group and two of its subsidiaries, a day after a similar step by Moody's Investors Service.

"The downgrade reflects our view that a default of some kind appears probable. We believe credit risk is high given tight liquidity, declining contracted sales, pressure to address delayed payments to suppliers and contractors, and limited progress on asset disposals," Fitch said in a statement.