If Sunac goes into default, it could ramp up panic about China's property crisis, executives at other firms said, as Sunac is a big group known for its mid- to high-end properties

The 4 billion yuan onshore bond will mature on April 1, 2024, but investors have a put option to sell back to the company on April 1 this year.

The developer reportedly has funds to pay an onshore bond debt worth 4 billion yuan ($634.25 million) due on April 1