NEW YORK (Reuters) – A deadline passed on Thursday for China Evergrande, the world’s most indebted property company, to pay $83.5 million in interest on a dollar bond. Evergrande, which has debts totalling $305 billion, is facing difficulties in meeting these obligations. The global markets watch for sign of default.

Below is a summary of the week’s happenings.

MONDAY, SEPT. 20:

Evergrande shares in Hong Kong hit lowest level since 2010. Fears of contagion are causing global stock markets to plummet. The suffers its biggest one-day drop in four months.

S&P Global (NYSE:) Ratings says it does not expect Beijing to provide any direct support to the company.

China’s default insurance costs rise to a near-one year high. The currency is under threat.

TUESDAY, SEPT 21:

The company will “walk out of its darkest moment” and resume full-scale construction as soon as possible, the developer’s chairman says in a letter to staff.

Bloomberg reports Evergrande has missed two interest payments due to its bank creditors. As China’s housing minister had stated that the company was unable to make its payments on time, it was expected that Evergrande would miss these interest payments.

Fund giant BlackRock (NYSE:) and investment banks HSBC and UBS have been among the largest buyers of Evergrande’s debt, Morningstar data shows.

Bank of America (NYSE 🙂 reduces China growth forecast.

WEDNESDAY, SEPT. 22:

Evergrande holds an internal meeting and its chairman urges executives to ensure the quality delivery of properties and redemption of wealth management products.

Evergrande will pay interest payments for a domestic bond. Chinese central bank injures cash into banking system.

Jerome Powell of the U.S. Federal Reserve states that the Evergrande debt problem is unique to China. Powell does not consider the U.S. corporate sectors as a parallel.

According to the Swiss central bank governor, it is wrong to treat Evergrande’s situation as an isolated problem.

THURSDAY, SEPT. 23:

Chinese Estates Holdings, the second-biggest shareholder of Evergrande, plans to exit its holding completely.

Wall Street Journal reported that Chinese authorities requested local governments prepare for Evergrande’s possible collapse.

A few Chinese real estate developers saw their ratings lowered by rating agencies due to concern about how they will repay debt.

FRIDAY, SEPT 24:

A Thursday deadline for paying $83.5 million in interest of a dollar bond passed without remark from Evergrande, and bondholders had neither been paid nor heard from the company. Evergrande can grant a grace period for 30 days.

China Evergrande’s electric vehicle unit warned that it is in danger of losing its ability to pay suppliers, staff and produce vehicles without making a strategic investment.

Many Chinese banks, insurance companies and shadow banks have stopped offering credit to property developers.

China’s central bank injects money into the banking sector again.