According to sources, some bondholders of the cash-strapped China Evergrande have not received coupon payments by the end of 30-day grace periods at the close of Asia business on Wednesday, pushing the developer back to the brink of default.

Evergrande, the world's most indebted developer that once exemplified a freewheeling era of borrowing and building, has been stumbling from deadline to deadline in recent weeks as it deals with more than $300 billion in liabilities, $19 billion of which are international market bonds.

There has been no default on any of the company's offshore debt obligations. However, a 30-day grace period on more than $148 million in coupon payments on its April 2022, 2023, and 2024 bonds expires on Wednesday.

Failure to pay would result in a formal default by the company and trigger cross-default provisions for other Evergrande dollar bonds, exacerbating the world's second-largest economy's debt crisis.

The exact time the grace period expires on Wednesday is unknown, but according to two sources familiar with the situation, some bondholders had not been paid by the end of the Asian business day.

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The developer's bondholders did not receive payments for two separate offshore coupon payment obligations that were due in late September until one working day after the 30-day grace periods expired.

Evergrande's problems exacerbate concerns about a liquidity crunch in the real estate sector. It also owes more than $255 million in coupon payments on its June 2023 and 2025 bonds, which are due on December 28.

In September and October, global markets were rattled by China's property woes. In mid-October, there was a brief respite after Beijing attempted to reassure markets that the crisis would not be allowed to spiral out of control.

However, concerns have resurfaced, with the Federal Reserve of the United States warning on Tuesday that China's property sector could pose global risks.