A Chinese property developer became the latest to default on principal and interest of its bonds on Oct. 25.

Modern Land admitted it had not repaid a matured, $250 million offshore bond and 12.85% interest due to “unexpected liquidity issues” according to a filing obtained by Reuters.

The property company, which specializes in building energy-saving homes, is now consulting legal counsel from Sidley Austin and independent financial advisers.

Modern Land failed to meet its financial obligations days after scrapping plans to seek investor consent to extend the bond maturity date by three months. The Beijing-based company claimed doing so would not be in the best interests of shareholders.

Fitch Ratings previously downgraded Modern Land from “B” to “C” after the company tried to change bond terms. The ratings agency considers the move to be a distressed debt exchange.

Fantasia Holdings Group separately defaulted on a dollar bond that raised concerns across international debt markets.

Reuters cited a high-yield bond investor who claimed Chinese developers are defaulting “one by one.”

These defaults further fueled market concerns about the wider impact of behemoth China Evergrande Group’s growing debt crisis. The property giant made a coupon payment before a grace period expired in the previous week. This narrowly averted a costly default.

Evergrande’s liabilities still total more than $300 billion, and group creditors are bracing for an eventual debt restructure.

The company revealed work is continuing on more than 10 projects in six cities. Construction was paused after contractors complained about not being paid. The developer has about 1,300 real estate projects across mainland China.

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