A 30-day grace period for Evergrande to pay interest owed on the bonds to its creditors has expired, Express (UK) reported. However, it’s claimed that at least three bond holders have not received any payment. Dr Marco Metzler, Senior Analyst at market data service DMSA, said that they and at least two others had received no payment so far. Unlike many investors, DMSA deliberately bought the bonds with the intention of finding out whether Evergrande was making all its re-payments or not. Three weeks ago they purchased the minimum quantity of $200k (£149.18k) worth. "We are now preparing a bankruptcy proceeding against Evergande and we are already in talks with lawyers and other investors to file these proceedings in the next days,” Dr Metzler said. He further confirmed DMSA were currently in talks regarding the bankruptcy proceedings with two other bondholders who had also not received payment. Fears over the fallout of a collapse of Evergrande have been intensified this week with U.S. central bank the Federal Reserve warning financial stresses in China could strain global markets and "pose risks to global economic growth." Property currently represents 29 percent of China's GDP however the sector, which was once a powerhouse of the country's growth, has struggled recently from growing debt burdens and increasing regulation from the Chinese government.
