China Evergrande Group has officially been labeled a defaulter for the first time, the latest milestone in months-long financial drama that paves the way for a massive restructuring of the world’s most indebted developer. Fitch Ratings cut the developer to restricted default over its failure to meet two coupon payments after a grace period expired on Monday, according to a statement . The credit assessor said the developer didn’t respond to request for confirmation on the payment, and is assuming it wasn’t made. The downgrade may trigger cross defaults on Evergrande’s $19.2 billion of dollar debt. The development marks the beginning of the end for the sprawling real estate empire started 25 years ago by founder Hui Ka Yan, setting off a lengthy battle over who gets paid from what […]