Some bondholders did not receive coupon payments due on Monday in what could be group's first offshore default on a public bond. That will trigger cross-defaults on $19bn bonds in global markets

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

Evergrande shares plunged 19% to a multi-year low as a 30-day grace period on an $82.5m payment ends on Monday, while developer Sunshine 100 defaulted.

China developers including Country Garden, Greentown China and China Vanke are all considering issuing asset-backed securities.

Evergrande, with more than $300 billion in liabilities, has already failed to pay coupons worth $82.5 million as it stumbles from debt deadline to debt deadline

Tightened lending curbs in China's real estate sector early this year has exacerbated financial troubles at some property developers, triggering sector-wide liquidity stress

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

China Trustee Association data revealed that investments by trust funds into the real estate sector fell by 18% to reach 1.95 trillion yuan

Kaisa's notes exchange offer will expire at 4pm London time on Thursday unless it extends or terminates the proposal. One asset manager said it looks like the group will face restructuring

Country Garden Real Estate Group, Chongqing Longhu Enterprise Development and China Overseas Enterprise Development plan to sell bonds to raise a combined 18 billion yuan ($2.83 billion)

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.