The Chinese stock markets gained ground consistent with expectations that Beijing will be adopting easing measures to aid highly leveraged property companies with looming debt defaults. The large-cap CSI 300 Index ascended 0.95% while the Shanghai Composite Index climbed 1.4%. Over the week, embattled China Evergrande Group was able to avoid a last-minute default for the third time in the month. Furthermore, the Kaisa Group informed its creditors that it may not be able to pay the coupons on its bonds due to legal and cross-default issues offshore and domestically. Kaisa is also on the brink of default as it has the most offshore bonds of any Chinese developer after Evergrande. In 2015 Kaisa became the first property developer to default on its dollar bonds, which became a landmark event at the time. The property sector remains a key industry in China's economy, giving rise to the possibility of a spillover effect into the other sectors.