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Evergrande woes hit Japan’s toilet, air-conditioner and paint manufacturers



TOKYO: Concern that China Evergrande may default on its mountain of debt hit shares of toilet maker Toto and other Japanese firms that are seen vulnerable to a further slowdown in China's property development.

Toto lost 6.1 % on Tuesday, extending its fall since Thursday to 14.8%, on the perceived risk of exposure to Evergrande, which investors fear could miss debt payment later this week.

"There are rising and widely reported concerns about fund flows at leading local developer China Evergrande Group, whose business scale suggests to us it is very likely one of TOTO's major customers," said Arisa Katsuyama, analyst at Morgan Stanley.

"Year-to-date debt defaults by real estate companies in China, not just China Evergrande, already exceed the cumulat

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