HONG KONG (Reuters – Monday’s suspension of trading in shares in China Evergrande, a highly indebted company was prompted by bondholders claiming that Evergrande’s property developer had failed to pay a key bond interest payment.

The Hong Kong stock market also reported that shares of Evergrande Property Services Group’s unit were suspended. It was not clear why stock trading had stopped at the two companies, nor who initiated it.

Evergrande’s liabilities, which amount to hundreds of billions and are equal to 2% China’s GDP, has raised concerns that its woes will spread throughout the financial system, and cause havoc around the globe. The initial worries were somewhat lessened after China’s central banking pledged to safeguard the interests of homebuyers.

Evergrande’s shares plunged by 80% in the first quarter of this year. Meanwhile, its property services business has fallen 43%. This is as Evergrande scrambles financially to pay its lenders and suppliers.

According to the cash-strapped company, it announced on September 30 that its wealth division had paid 10% off wealth management products. These WMPs are mostly owned by offshore retail investors and were due at the same time.

Contrast with how the developer treats offshore investors,

Two offshore payments that bondholders claim failed to reach their due dates come at a time when the company has almost $20 billion of offshore debt and faces deadlines on $162.38 Million dollar bond coupon payments in the following month.