HONG KONG (Reuters] – Sunac China didn’t make an interest payment for a $742m offshore bond within the grace period and said it expected to not pay any additional bonds due.

The Oct 2023 bond was to be repaid by October 20,23, and the interest it had to pay on that debt would have been $29.5 million.

Sunac stated it also had not made interest payments for three other offshore bonds that are currently under a grace period 30 days.

Sunac reported that there was $742 million outstanding on the Oct 2023 bond.

It stated that the Group’s contract sales continued to fall significantly and that accessing new financing was becoming more difficult due to liquidity problems among some property developers.

It stated that the Company did not anticipate making payments to the Company under its senior notes or the notes above when due, or during the applicable grace periods.

It stated in the statement that Houlihan Lokey (NYSE) was appointed financial advisor for the company and Sidley Ann as legal adviser.