Default shows some developers continue to struggle even as Beijing has started to marginally relax financing to meet developers' normal funding needs

The demands were due to rating downgrades and the company warned shareholders it might be unable to pay up due to a liquidity crunch

Property developer sought to exchange its 6.5% offshore bonds due December 7 for new notes due June 6, 2023, at the same interest rate

The move could deepen the crisis at one of China’s most indebted developers, which has also reportedly lost control of US-listed Nam Thai property group.

Bond yields rose, currencies weakened, and risk premiums edged up amid increased global inflation and the US Fed’s tighter policy

Shares of Chinese developer soared as much as 20% on Thursday on news it wants to extend maturity of a $400m bond by 18 months. Evergrande's EV unit also jumped 12%.

DBS denied speculation originating in Myanmar that the disruptions were somehow connected to the alleged sale of treasury bonds there

The city is being planned in the east of the Central American country and would get its energy supply from a volcano

A flurry of asset sales and share placings, including some from Evergrande, has sparked hopes this week that the sector will be able to avoid a full-blown crisis

Funds with large holdings of Chinese real estate companies have been hit hard by the crisis spurred by Evergrande and debt-laden developers

China’s high-yield bond market is in turmoil as investors assess which property developers can service debts

The bonds will be used to help buy and dispose of non-performing assets, plus other businesses such as bond-to-equity swaps, China's banking regulator said