Evergrande has missed another interest payment, causing further jitters in global markets.
The Chinese property group had been due to make a $47.5m payment on a bond that matures in 2024, but instead added the sum to the $83.5m it failed to pay last week.
The fact that it did make a $35.9m payment to domestic creditors has led to concerns that offshore investors will be hardest hit.
Evergrande has $305bn of liabilities, equivalent to 2% of China’s economic output.
However, distressed debt funds and individual investors are flocking to bonds issued by Evergrande, betting that Beijing will be forced to rescue the country’s most indebted company.
