China property giant Evergrande files for US bankruptcy protection

Aug 18, 2023 #China #US #BBCNews
Property giant Evergrande has filed for bankruptcy protection in the US as the real estate crisis in China deepens.

It will allow the heavily-indebted company to protect its assets in the US as it works on a multi-billion dollar deal with creditors.

Evergrande defaulted on its huge debts in 2021, which sent shockwaves through global financial markets.

The group's real estate unit has more than 1,300 projects in more than 280 Chinese cities, according to its website.