SHANGHAI/LONDON, Oct 11 (Reuters) - Chinese property firms' bonds were hit with another wrecking ball on Monday as Evergrande (3333.HK) looked set to miss its third round of bond payments in as many weeks and rival Modern Land became the latest scrambling to delay deadlines.High-yield Chinese bond markets were being routed once again as fears about fast-spreading contagion in the $5 trillion sector, which drives a sizable chunk of the Chinese economy, continued to savage sentiment.Some of China Evergrande Group's offshore bondholders had not received interest payment by a Monday deadline Asia time, two people familiar with the matter said.Once China's largest developer, the firm has more than $300 billion in liabilities that are now at risk. read moreOther signs of stress included smaller rival Modern Land (1107.HK) asking investors to push back by three months a $250 million bond payment due on Oct. 25 in part "to avoid any potential payment default."Modern Land's April 2023 bond with a coupon of 9.8% plunged more than 25% to 32.25 cents on the day, according to financial data provider Duration Finance, while the company's shares fell more than 2%.Kaisa Group, which was the first Chinese property developer to default back in 2015, also saw some of its bonds slump to less than half their face value , , while R&F Properties (2777.HK), and Greenland Holdings, which both have prestige projects in global cities like London, were also widely sold."It's a disastrous day," said Clarence Tam, fixed income portfolio manager at Avenue Asset Management in Hong Kong, highlighting how even some supposedly safer "investment grade" firms had now seen 20% wiped off their bonds."We think it's driven by global fund outflow .... Fundamentally, we are worried the mortgage management onshore hits the developers' cash flow hard," he added, referring to concerns people could stop putting deposits down on new homes.Analysts at JPMorgan also highlighted how international investors were now demanding the highest ever premium to buy or hold 'junk'-rated Chinese debt.There is now a whopping 1,200 basis point difference between the bank's closely-followed JACI China high yield index and a similar index of investment grade AA-rated local Chinese market bonds, known as "onshore" bonds.The option-adjusted spread on the ICE BofA Asian Dollar High Yield Corporate China Issuers Index (.MERACYC) is also at its widest ever."Evergrande's contagion risk is now spreading across other issuers and sectors," JPMorgan's analysts said.TRADING ADJUSTMENTIn equity markets, the Hang Seng Property and Construction sub-index (.HSCIPC) fell 0.4% against a nearly 2% rise in the broader index. (.HSI)Fantasia Group China Co, whose controlling shareholder is Fantasia Holdings, said on Monday it would adjust the trading mechanism of its Shanghai-traded bonds following credit downgrades by China Chengxin International Credit Rating Co (CCXI).Fantasia (1777.HK) had appointed advisers on Friday after it shocked markets by missing a bond payment earlier in the week. It saw its bonds dive from almost 100 cents on the dollar to just 20 cents, as just a couple of weeks earlier it had said its liquidity was fine."We believe policymakers have zero tolerance for systemic risk to emerge and are aiming to maintain a stable property market, and policy support could be forthcoming if the deterioration in property activity levels worsen," said Kenneth Ho, head of Asia Credit Strategy at Goldman Sachs."That said, we also believe that policymakers do not want to over-stimulate, and their longer term goal is to deleverage the property sector."China property firms' bonds collapsingHarbin, the capital of northeastern Heilongjiang province, has become one of the first cities in China to announce measures to support property developers and their projects, which have been shaken by the Evergrande crisis. read moreThe cash-strapped property developer's troubles and contagion worries have sent shockwaves across global markets and the firm has already missed payments on dollar bonds, worth a combined $131 million, that were due on Sept. 23 and Sept. 29.Advisers to offshore bondholders said on Friday they not yet heard from Evergrande, and are also demanding more information about its plan to divest some businesses, worried a potential fire-sale could ultimately leave them with less. read moreTrading in shares of Evergrande, as well as its Evergrande Property Services Group (6666.HK) unit, has been halted since Oct. 4 pending a major deal announcement.Reporting by Andrew Galbraith Editing by Shri Navaratnam Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. 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