After the announcement, S&P Global downgraded Sri Lanka, reflecting the deterioration of the country's ability to maintain foreign reserves
Failure to make payments, followed by a string of credit rating downgrades of indebted developers, has roiled China's high-yield debt
The property crisis has started to ripple through to other critical parts of the world's second-largest economy
Downgrade comes day after 1.5% contraction in third quarter of this year as a foreign exchange crisis wrecked its post-Covid-19 recovery
The low price pushed up the yield, which moves inversely to the price, on the bonds to 9.75%, underscoring their lacklustre reception
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
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.
The sale comes less than 18 months after developer acquired plot from indebted Goldin Financial Holdings for HK$7 billion.
Company said it would 'speed up and conquer difficulties' to ensure projects are delivered on time and in line with quality standards