HONG KONG, (Reuters) – China Evergrande Group provided funds to pay interest for a dollar bond. This was a source with direct knowledge of matters who said Friday. The deadline would have forced the developer into default.

Below is the timeline that shows how Evergrande’s credit crisis unfolded.

August 2020

Evergrande’s regulators meet with developers and others to establish caps for the three major debt ratios under a program called “the red three lines”.

Evergrande is selling a $3B stake in the property management unit it owns ahead of its IPO. Guangdong province government is asked to approve Shenzhen’s backdoor listing plan. The unit has been unlisted for more than four years and could be in serious financial trouble.

September 2020

Evergrande gives 30% off on your property for a month, to help you push sales.

October 2020

Evergrande raises $555million in Hong Kong through a reduced secondary share sale.

November 2020

Evergrande ends the Shenzhen backdoor listing scheme. Some strategic investors have agreed not to repay.

Evergrande Property Services Group raises $1.8 Billion in Hong Kong IPO

January 20, 2121

China Evergrande New Energy Vehicle Group (China Evergrande) raises $3.4 Billion by inviting six additional investors

March 2021

Evergrande has sold a stake of $2.10 million in Fangchebao, an online automobile and real estate marketplace to 17 investors as part of a preIPO transaction. It plans to achieve its debt ratio goals by year end. Fangchebao will be listed by next year.

June 2021

Evergrande has announced that it will purchase a 386 million share in China Calxon Group.

Developer arranges HK$13.6 trillion ($1.75 Billion) for the repayment of a matured bond as well as interest on dollars bonds.

Evergrande reduces interest-bearing debt by one to 570 billion Yuan, down from 716.5 Billion yuan six month earlier.

July 20,21

China Guangfa Bank requests that Evergrande place a stop to a 132million yuan bank account. Evergrande states that the loan does not have to be paid until March but plans on taking legal action.

Some Hong Kong banks decline to grant new loans to Evergrande buyers who have not yet completed two residential properties.

August 20,21

Evergrande to sell shares in HengTen Networks Group for HK$3.25 Billion ($418 Million).

According to sources, Evergrande cases are centralized at the Guangzhou Intermediate People’s Court.

Evergrande states that it is currently discussing the sale of stakes Evergrande New Energy Vehicle or Evergrande Property Services.

According to state media, construction was halted at two Evergrande projects located in Kunming. One of these is for overdue payment.

Hui Ka Yan is stepping down as Chairman of Hengda Real Estate Group’s flagship unit.

China’s banking watchdog and central bank summons senior executives. They warn Evergrande to reduce debt risks and prioritize stability.

Evergrande has reported a 29% decline in net profits year over year and warns about liquidity and default risk.

September 2021

Hui pledges buyers Evergrande’s completion of construction for their homes.

The Trust-Loan Interest Payments to Creditors, including CITIC Trust, are extended.

Hui pledges to return all Evergrande’s wealth management products that are matured as soon as she can. Evergrande headquarters in Shenzhen is full of investors who demand the repayment of their loans.

Evergrande stated that internet speculation regarding bankruptcy and restructuring is “totally untrue”, but admitted to “unprecedented challenges”.

According to the company, it hired financial advisors to review its options. They warned of potential cross-default risk amid plummeting property sales.

Hui states that helping retail investors to redeem their investment products should be a priority.

Evergrande states it resolved a coupon issue with an offshore bond, but fails to make payments by the September 23rd and 29th deadlines.

Evergrande’s second largest shareholder Chinese Estates Holdings says that it intends to sell its shares. The EV unit cautions that the future is uncertain unless they can get a fast cash injection.

Evergrande estimates that it will generate 9.99 billion Yuan from Shengjing Bank shares.

October 2021

Advisers of some Evergrande dollar bondholders, investment bank Moelis (NYSE:) & Co and law firm Kirkland & Ellis, say they want more information and transparency.

Evergrande misses $148 million in coupon payments due Oct. 11.

Hong Kong’s auditor regulator has announced that it is looking into Evergrande 2020 accounts. PwC audits are also being investigated.

Reuters says that Yuexiu Property, a state-owned company, pulled out from a $1.7 billion agreement to purchase Evergrande’s Hong Kong headquarters.

Sources say Evergrande has a coupon for an onshore bond of 121.8million yuan.

China’s vice prime minister, central bank and other banking and securities watchdogs reassure the markets of controllable spillover effects from Evergrande’s debt problems on the financial system and real-estate sector.

Evergrande’s plan to sell its $2.6billion stake in the unit of services to Hopson Development Holdings is abandoned.

Evergrande’s Jumbo Fortune Bond guarantees a three-month extension for a defaulted bond.

A source claims Evergrande has remitted funds to pay for the dollar bond coupon due September 23rd in order to avoid default after the grace period of 30 days expires.