Evergrande will officially default on its debts if it fails to make an $83.5m payment by Saturday night.
The Chinese developer has already been given a 30-day grace period after missing the initial deadline in September. It has since missed other key offshore, dollar-denominated bond payments worth another $193.3m. The clock is now ticking on those debts as well.
Shares in its main Hong Kong listing have lost 80% of their value in the past year and have been suspended since 4 October pending an announcement on how the company is going to be rescued.
Meanwhile, Chinese developer Sinec has now missed a payment on $246m of bonds as the crisis in the country’s real estate sector grows.
Evergrande’s continued suspension from trading has pushed the value of frozen stocks on the Hong Kong exchange to a record $61bn.
