Evergrande Misses Payment

China’s Evergrande Group ($EGRNF@China) missed paying bond interest due to offshore holders on Wednesday, although the cash-strapped company made a partial payment to some of its onshore investors. Evergrande's silence on its offshore payment obligations has left global investors wondering if they will have to swallow large losses when 30-day grace periods end for coupons that were due on Sept. 23 and Sept. 29. With liabilities equal to 2% of China's GDP, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world, though worries have eased somewhat after the central bank vowed to protect homebuyer' interests. The central bank on Wednesday urged financial institutions to cooperate with relevant departments and local governments to maintain the "stable and healthy" development of the real estate market and safeguard housing consumers.