HONG KONG, (Reuters) – Four people familiar with the situation said that some offshore bondholders in China Evergrande Group didn’t receive their coupon payments within the 30-day grace period. This was Monday New York Time.

The developer could be insolvent if it fails to pay $82.5million of interest that was due on time last month.

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

August 2020

Evergrande, developers and regulators meet to discuss the introduction of caps on three types of debt in an arrangement called “three redlines”.

Evergrande purchases a stake of $3 billion in its property-management unit, ahead of it’s initial public offer (IPO). The Guangdong provincial government must approve Shenzhen’s backdoor listing. This is in response to Evergrande’s concerns that the unit could face an imminent cash crunch.

September 2020

Evergrande gives 30% off on your properties for a full month in order to increase 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 Ltd, Hong Kong IPO: $1.8 billion

January 2021

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

March 20, 2121

Evergrande sold a 2.10 billion share in Fangchebao online car and property marketplace Fangchebao in a preIPO transaction to 17 investors. The company aims to reach its debt ratio caps by the end of this year, list Fangchebao early next year, and then spin off several units.

June 2021

Evergrande announces it will buy a stake of $386 million in China Calxon Group Co Ltd.

To repay a bond that is maturing and to pay interest on the dollar bonds, the developer will arrange for HK$13.6 billion (roughly $1.74 billion).

Evergrande reaches a debt limit, reducing interest-bearing debt by around 570 Billion Yuan (from 716.5 Billion Yuan ($89.47Billion from $112.47B) six months prior.

July 20,21

An order is issued by a court to freeze Evergrande’s 132 million Yuan bank account. This was in response to China Guangfa Bank Co Ltd’s request for a loan extension. Evergrande states that the loan does not have to be paid until March but plans to sue.

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

August 2021

Evergrande sells stakes in HengTen Networks Group Ltd for HK$3.25 Billion

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 summon top executives to issue a rare warning: Evergrande must lower its debt risk, prioritize stability.

Evergrande is warning of default and liquidity risks if they fail to resume construction or dispose of assets.

September 2021

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

It asks for an extension of trust-loan interests payments to creditors, which includes CITIC Trust.

Hui has pledged to pay Evergrande all matured wealth management products back as quickly as possible. Evergrande headquarters in Shenzhen is full of investors who demand the repayment of their loans.

Evergrande said that online speculations about restructuring and bankruptcy were “totally false” but acknowledged “unprecedented problems”.

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 2nd-largest shareholder Chinese Estates Holdings Ltd has announced that it will be selling its stake. The EV unit cautions that the future is uncertain unless they can get a fast cash injection.

Evergrande claims it will sell shares in Shengjing Bank Co Ltd for 9.99 billion Yuan.

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 Audit Regulator says that Evergrande’s 2020 accounts are under investigation and will be subject to audit by PwC.

Reuters has reported that Yuexiu Property Co Ltd (state-owned) pulled out from a proposed deal worth $1.7billion to acquire Evergrande’s Hong Kong headquarters.

According to sources, Evergrande paid a coupon on a 12-1.8 million Yuan offshore bond.

China’s vice-premier, the central bank and banks and securities watchdogs are trying to assure markets that Evergrande’s effects on the real estate and banking systems will not have a negative impact.

Evergrande decides to give up its $2.6 Billion stake in the service unit and sell it to Hopson Development Holdings Ltd.

A Jumbo Fortune Bond is Evergrande’s private guarantee for a defaulted bond. REDD reports that the extension will be extended by three to six months.

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.

November 2021

Bedeo is a UK-based company that offers e-mobility. It has purchased Protean Electric, Evergrande’s automobile unit.

Evergrande prevents another destabilizing default by making a bond payment at the last minute.

Evergrande announces that it will sell its whole stake in HengTen streaming service firm for $274 million.

Evergrande’s electric vehicle division claims it has raised $347 million through a share sale in order to finance new-energy vehicles.

Reuters has reported that Evergrande’s soccer stadium is under the control of a government entity.

Chairman Hui sold 1.2 Billion shares for HK$2.68Billion ($344 Million) and lowered its stake to 67.9% (from 77%).

December 2021

Evergrande’s Chairman was summoned by China’s Guangdong Province after Evergrande stated that there was no guarantee it would have sufficient funds to repay its debts. Regulators sought to calm markets.

Evergrande creates a committee to manage risk as the company moves closer towards a restructuring of its debt.

($1 = 7.8006 Hong Kong dollars)

($1 = 6.3708 renminbi)