Another Chinese real estate developer is struggling to pay its debts

China's property crisis is ensnaring yet another developer. Modern Land is asking investors for more time to pay back a $250 million bond, according to a company filing with the Hong Kong Stock Exchange on Monday. The payment was due October 25. Modern Land said it wants to extend that deadline to the end of January as it seeks to improve "liquidity and cash flow management and to avoid any potential payment default."

The company said in a separate filing that Chairman Zhang Lei and President Zhang Peng intend to provide about 800 million yuan ($124 million) in loans to support the company. Shares in Modern Land fell more than 2% in Hong Kong on Monday. The stock is down 45% this year.

News of the company's financial difficulties came on the same day China's second biggest developer Evergrande faced another debt repayment deadline, this time for about $148 million in interest payments on US dollar-denominated bonds, according to Refinitiv data. Evergrande did not immediately respond to a request from CNN Business for comment.

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