Two Hong Kong property agencies are suing the grossly indebted China Evergrande Group over alleged unpaid debts, while two other developers have seen their bonds hit hard

Feverish selling broke out after developer Fantasia Holdings missed a bond payment on Monday and Kaisa, Central China Real Estate and Greenland all suffered on Tuesday

Sinic Holdings became the latest developer to be downgraded, while homebuilder Fantasia Holdings' dollar bonds lost nearly half their market value in a selloff on Monday.

With Evergrande reeling under a $305 billion debt pile, it has emerged others are also staring into the financial abyss – with Sunshine 100 China Holdings, China Oceanwide Holdings and China Fortune Land Development all defaulting on payments this year

Many of China's biggest property firms, including the country's second largest, China Evergrande, have seen their bonds plunge amid worries they face collapse

Hopson Development looks set to buy a 51% stake in the troubled group's property management unit. Trading in both companies was suspended on Monday pending further news.

With liabilities equal to 2 per cent of China's GDP, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world.

Fitch downgrades the troubled property giant as another payment deadline is closely watched by investors as the developer's next big test.

Local governments have set up special accounts in the Pearl River Delta and four other provinces to 'protect' funds for the most unfinished housing projects

While contagion fears from a possible Evergrande collapse are spooking investors, some analysts say it's the decelerating property sector that's the biggest cause for concern.

A step-by-step look at how Evergrande's problems have snowballed up to pivotal week when bond interest payment was due

Chinese leader walks a tightrope between calming markets without provoking public anger. All this, a year before he’s set to be reaffirmed as chief for an unprecedented third time