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On Monday China Evergrande missed interest payments due to at least two of its largest bank creditors.

Banks had been expecting Evergrande to miss the payments after China’s housing ministry told them the company would be unable to pay on time.

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 statements. China Minsheng Banking Corp., Agricultural Bank of China Ltd. and Industrial & Commercial Bank of China Ltd. were among the company’s principal banks at the end of last year, Bloomberg reports.