Evergrande’s shares have plummeted by a further 12% as it inches closer to a default.
The Chinese property giant has warned that there is “no guarantee” that it will be able to pay $82.5m due today. The developer has already taken advantage of a 30-day extension to the deadline.
A statement from the company over the weekend said that there was no guarantee that the group could meet its obligations, and added that creditors had demanded immediate repayment of a total of $260m (£196m).
Kaisa also faces a $400m bond maturity on Tuesday, after failing to secure a debt swap last week.
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