China Evergrande's debt deadline lapses; Kaisa Group adds to woes

Some offshore bondholders of China Evergrande Group did not receive coupon payments by the end of a 30-day grace period, five people with knowledge of the matter said, pushing the cash-strapped property developer closer to a formal default.

Failure by Evergrande to make $82.5 million in interest payments due last month would trigger cross-default on its roughly $19 billion of international bonds and put the developer at risk of becoming China’s biggest defaulter.

With more than 1,300 real estate projects, Evergrande was once China's top property developer. With $300 billion of liabilities, it is now at the heart of a property crisis