LONDON (Reuters – Evergrande, a Chinese property company, said Wednesday that it will “actively engage with” its creditors after its latest missed debt repayments.

Evergrande was the world’s largest developer and has more than $300B in liabilities. This month it was declared default by rating agencies after failing to pay its repayments.

Evergrande released a statement to the Hong Kong Stock Exchange, stating that the Risk Management Committee of China Evergrande Group was aware of the Group’s current risk and would engage with creditors.

This month, Evergrande Chairman Hui Ka Yan was part of the newly formed committee.

Evergrande’s problems this year have caused a wide crisis in China’s property companies with high levels of debt.

Kaisa, another big developer, is in negotiations with its bondholders. These include some of world’s largest investment funds. Kaisa was unable to repay $400m bond it issued this month.

Fantasia developers and China Modern Land also have defaulted over the past months, while bank analysts and credit rating agencies warn of other large companies that are at high risk.

(Graphic: China property stock in 2021, https://fingfx.thomsonreuters.com/gfx/mkt/zjvqkyrkmvx/Pasted%20image%201640172811918.png)