⚡️ China Evergrande files for Chapter 15 bankruptcy in New York

China Evergrande Group has sought Chapter 15 bankruptcy protection in New York, court documents showed Thursday.

Chapter 15 bankruptcy protects the company’s assets in the US while it restructures elsewhere. Evergrande’s petition cites restructuring proceedings underway in Hong Kong and the Cayman Islands.

The once most valuable real estate company in the world kicked off China’s real estate crisis in 2021 with a total debt of hundreds of billions of dollars.

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