Chinese developer Kaisa Group Holdings is facing a default risk, raising risks for Chinese dollar bonds that had already been hit by the fallout from the Evergrande crisis.
Analysts are saying that the developer is seemingly unlikely to win bondholders' approval to extend the maturity of a 400-million U.S. dollar bond due next week.
Kaisa had proposed to extend the due date for 18 months but more than half have reportedly rejected the offer.
If this fails, the second most indebted developer in China might not be able to repay its bonds.
It is just one of many Chinese developers currently at risk of default as the country's housing market crisis worsens.