Hong Kong developer Kaisa Group Holdings failed to pay a HSBC loan last week, reports Fortune, leading some analysts to expect it will default on some of its international bonds tomorrow.

If it defaults on its $26-million bond issue, it will be the first time a Chinese developer hasn’t been able to pay its international investors.

Read: Why clients need to adjust return expectations

Home prices are falling in most Chinese cities, reports Fortune, so the potential Kaisa default could be the first of many.

Read more here.

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