“Evergrande, the world’s most indebted property developer, is set to formally enter default on Oct. 23, when the grace period ends for its first missed bond payment.”

A growing number of Chinese property developers are saying they can’t pay their debts, raising concerns of financial contagion as troubled property developer Evergrande Group missed another interest payment to bondholders on Tuesday.

Several Chinese real estate developers have warned of defaults on bonds in recent days, including Modern Land and Sinic Holdings, which said Monday it probably would be unable to repay a $250 million bond by the Oct 18 due date.