China’s debt-ridden real estate giant Evergrande Group is under pressure from its creditors to share more information and provide more transparency as these entities fear a default could be on its way.

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in an article published by ReutersCreditors, holding offshore bonds, expressed concern over the company’s September 23 and 29 September default in debt payments, nearing the end of their 30-day grace period. These creditors turned to investment bank Moelis & Co to advise them through the situation. and the law firm Kirkland & Ellis.

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Moelis managing director Bert Grisel said he would like to engage “creatively” with the company.

“Unfortunately, so far, we have had few calls with advisors,” Grisel told Reuters, adding that “no meaningful conversations or provision of information had been made with the company.”

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“We all think that an imminent default on offshore bonds will or will happen in the short run,” he said.

With total debt of over $300 billion, Evergrande is one of the most indebted companies in the world. It missed a total of $131 million from its September 2 payments, and the following week Reuters reported that it faced a payment of about $150 million.

Neil McDonald, who works within the restructuring division of Kirkland’s Hong Kong office, also emphasized the creditor’s desire for greater transparency. He told Reuters he expects Evergrande to comply with its disclosure obligations as specified by the stock listing rules.

As China’s second largest property developer, the firm widely dominates the country’s real estate sector. As previously reported by newsweek, the firm employs approximately 200,000 people across China and claims to create 3.8 million jobs annually through its projects.

Scott Kennedy, an expert in Chinese economics at the Center for Strategic and International Studies (CSIS), told newsweek In a previous interview, in which China’s vast regulatory tools were given, he had hoped that the country would be able to prevent a collapse from creating a huge impact on the Chinese and international economy.

Nonetheless, China’s real estate sector remains one of the most important. David Dollar of the Brookings Institution, which specializes in the global economy with a focus on China, previously reported newsweek That the collapse of Evergrande could flatten the country’s real estate market.

He said that many people in China see buying an apartment as a sign of their progress. Should Beijing mismanage the situation and let the real estate market suffer, Dollar said his “story of potential” could be severely undermined.