Amid Evergrande’s uncertain future, a company under the umbrella organisation for the Evergrande Group failed to make payments on Saturday. Scenery Journey Ltd, failed to pay semi-annual coupon payments on Saturday. The payments amounted to $82.49million (£60million) on its November 2022 and November 2023 dollar bonds.

According to two officials close to matters, it is unclear whether Evergrande has informed bondholders of its plans, Reuters reports.

If the interests rates on the bonds were not paid on November 6, it would initiate a 30-day grace period.

The company is facing the end of a previous grace period on a bond repayment which is worth up to $148million (£109million) and was due on October 11.

Last month, the company managed to avoid defaulting on its bond repayment and paid an interest payment due on September 29.

The company is one of the largest in the world and indeed, the second-largest property market organisation in China.

Evergrande owes s $300billion (£221billion) in debt repayments, which accounts for two percent of China’s GDP.

Such is the size of the company, if it were to default payments on its bonds, it could send shockwaves not just through China but also the world financial market.

In an indication of the concern over the company’s future, an article published by the state-backed Xinhua Agency, revealed property companies were facing the risk of defaulting on payments.

JUST IN: Brexit LIVE: EU dares UK to show hand over ‘egregious’ ECJ threat

The banking system almost collapsed after many citizens in the US could not afford to repay their mortgages thus causing a credit crunch – whereby companies struggle to borrow due to banks and other lenders having low confidence in the system.

If a credit crunch occurs, global investors may become concerned with the economic situation in such a large economic powerhouse.

Mattie Bekink from the economic intelligence unit told the BBC: “What happens from here is consequential not only to the Chinese economy, where there are concerns about liquidity pressures and stress in the property and interbank markets but for the global economy.”

Evergrande has attempted to sell off parts of its company in order to pay off debt payments.

It has first attempted to sell 51 percent of its stake and the 26-storey waterfront headquarters in Hong Kong.