Cash-strapped Evergrande Group misses loan payments to two banks

Evergrande has borrowed about 572 billion yuan ($88.5 billion) from banks and other financial institutions including trusts, with nearly half due in less than a year, according to its latest financial

China's Evergrande Group missed interest payments due Monday to at least two of its largest bank creditors, taking the cash-strapped developer a step closer to one of the nation’s biggest debt restructurings.

Evergrande hadn’t made the payments as of late Tuesday local time, people familiar with the matter said, asking not to be identified discussing private information. Banks were expecting Evergrande to miss the deadline after China’s housing ministry told them the company would be unable to pay on time. It’s unclear whether banks will formally declare Evergrande in default. Some are waiting for the developer to propose a loan extension