Taken from BBC News
Evergrande, the heavily indebted Chinese real estate giant, has reportedly failed to pay interest to foreign investors for the second time in a week.
Evergrande was due to pay foreign bondholders $47.5 million (£35 million) on Wednesday.
But bondholders told Reuters and Bloomberg that they had not yet received any payment.
According to agreements with investors, the company has a 30-day grace period before overdue payments officially become a default.
Evergrande has not commented publicly on the matter. Once China's best-selling developer, the company now faces debts exceeding $300 billion.
She has been prioritizing her responsibilities within China, amid concerns about social unrest.
Last week, Evergrande missed an $83.5 million interest payment on a foreign bond, but reached an agreement with domestic investors on a $35.9 million payment that was also overdue.
When the deadline for a similar interest payment passed on Wednesday, sources told Reuters that some Evergrande bondholders abroad had received neither money nor any communication on the matter.
Two bondholders told Bloomberg they had not received payment as of Thursday morning.
However, Evergrande made a 10% redemption on wealth management products, largely owned by retail investors in the country, which matures on Thursday.
The crisis surrounding the world's most indebted real estate developer has spilled over into global markets in recent weeks.
- BACKGROUND: What is Evergrande ? Is it too big to fail?
Evergrande expanded aggressively to become one of China's largest companies by borrowing over $300 billion.
But after Beijing introduced new rules to control the amount owed by large real estate developers, Evergrande began offering its properties at significant discounts to ensure it received the cash flow needed to keep the business afloat. Now, it is struggling to meet its interest payments on its debts.
Evergrande announced this week that it is selling its $1.5 billion stake in a commercial bank as it scrambles to raise money it owes.
Investors have been watching the crisis unfold as the company teeters between a disorderly collapse with potentially far-reaching implications, a controlled breakup, or the less likely prospect of a bailout by the Chinese government.
