Kaisa, China's largest holder of offshore debt among developers after Evergrande, had not repaid the 6.5% bond by the end of Asia business hours, the person said, which could push the notes into technical default, triggering cross defaults on its offshore bonds totalling nearly $12 billion.Bondholders owning over 50% of the notes in question sent the company draft terms of forbearance late on Monday, a source previously told Reuters.
Evergrande's shares were down 1.6% at 0310 GMT at HK$1.80, after earlier hitting HK$1.78 - their lowest since the November 2009 debut. The broader marketIts notes due on Nov. 6, 2022 , one of two tranches with a coupon payment deadline that passed on Monday, traded at 18.642 cents on the dollar, Duration Finance data showed, versus 18.875 from the close of Tuesday Asia hours.
Evergrande was once China's top property developer, with more than 1,300 real estate projects. With $300 billion of liabilities, it is now at the heart of a property crisis in China this year that has crushed almost a dozen smaller firms.
This is democracy with CCP characteristics, democracy to NOT paying its debt
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