China’s Evergrande files for bankruptcy

On Thursday, China’s Evergrande Group, formerly the nation’s second-largest property developer, submitted a bankruptcy petition in New York.

The troubled company heavily relied on borrowing and defaulted on its debts in 2021, triggering a significant property crisis within China’s economy, the reverberations of which are still being felt.

Evergrande sought Chapter 15 bankruptcy protection, enabling a U.S. bankruptcy court to intervene when an insolvency case spans international borders, CNN reported.

READ MORE: https://www.cnn.com/2023/08/17/business/evergrande-files-for-bankruptcy/index.html

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