China's former top selling developer, now struggling with $300 billion in liabilities, has been deemed to be in cross-default by rating agencies

The China Evergrande debt crisis deepened Thursday as Fitch declared the property giant in default. It must make another 14 bond coupon payments worth almost $1 billion within five months.

China developers including Country Garden, Greentown China and China Vanke are all considering issuing asset-backed securities.