Debt-laden property developer China Evergrande Group has missed interest payments on bonds totaling $148 million, Reuters reported Tuesday, fueling concerns over a possible default by the company.
This was the third round of Evergrande's failure in coupon payment in three weeks, following the two other payments it missed in September, the Reuters report said. But the company has not commented on the non-payments.
Holders of the Evergrande bonds said they did not receive the coupon payments due by 4 a.m. GMT Tuesday, according to the report.
The default on the interest payments could accelerate the risk of large losses in markets as the property developer, whose liabilities have swelled to around 2 trillion yuan ($310 billion), must continue to make massive interest payments on bonds.
Trading in the shares of Evergrande has been halted on the Hong Kong stock exchange since Oct. 4, which is believed to be linked to the financial difficulties the company is tackling.
The property developer has been keen to expand its business while the real estate market in China has been shrinking against the backdrop of the nation's prolonged trade dispute with the United States and the novel coronavirus outbreak.
Evergrande has also dabbled in many businesses, including electric vehicle development, which has inflated its debt.
But the company's EV unit said on Monday that it would start manufacturing such vehicles next year, showing its intention of staying in business, though Evergrande has said in August that it considered selling off the unit.