China Evergrande hits new low on default worries; Kaisa misses pay date

Bondholders owning over 50% of the notes in question sent the company draft terms of forbearance late on Monday

China Evergrande Group's shares hit an all-time low on Wednesday after a missed debt payment deadline put the developer at risk of becoming China's biggest defaulter, although hopes of a managed debt restructuring calmed fears of a messy collapse.

So far, any Evergrande fallout has been broadly contained, and with policymakers becoming more vocal and markets more familiar with the issue, consequences of its troubles are less likely to be widely felt, market watchers have said.

Failure by Evergrande to make $82.5 million in interest payments due last month on some U.S. dollar bonds would trigger cross-default on its roughly $19 billion