Kaisa Group has become the first Chinese property developer to default on its overseas debt, which is estimated to be about $2.5bn (£1.7bn).
The Shenzhen-based company said it missed two interest payments, raising concerns that more of its creditors could demand their money back.
Kaisa has borrowed billions in order to pay for large land purchases in China.
But the firm ran into trouble after the government froze some of its projects as part of a local corruption probe.
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