Chinese property giant Evergrande files bankruptcy protection in US
by ChemOrbis Editorial Team - content@chemorbis.com
According to media sources, China’s real estate giant Evergrande Group has filed for bankruptcy protection in the US amid the deepening real estate crisis in China and further increased concerns about China’s economy.
Accordingly, Evergrande has sought protection under Chapter 15 in New York, which protects the company from creditors in the US and helps restructure its debts.
In 2021, the company faced with debt crisis amid China’s new rules aimed to control the amount of money owed by big real estate developers.
Meanwhile, Country Garden, one of China’s biggest property developers, announced a potential loss reaching a staggering $7.6 billion for the first six months of the year.
Accordingly, Evergrande has sought protection under Chapter 15 in New York, which protects the company from creditors in the US and helps restructure its debts.
In 2021, the company faced with debt crisis amid China’s new rules aimed to control the amount of money owed by big real estate developers.
Meanwhile, Country Garden, one of China’s biggest property developers, announced a potential loss reaching a staggering $7.6 billion for the first six months of the year.
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