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China debt crunch

Evergrande on countdown to default after more missed payments

Holders of three bond issues had been due to receive $148 million

Evergrande has a 30-day grace period to make good on missed coupon payments, meaning a formal default could loom next week.   © AP

HONG KONG -- China Evergrande Group has missed its third set of bond interest payments in less than a month, signaling a default later this month is almost a certainty unless it gets a cash windfall from new investors or asset sales.

Two bondholders said on Tuesday afternoon that they had not received any payment or communications from Evergrande, which was due to make $148.1 million in coupon payments on three offshore bonds by midnight Monday New York time.

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