Chinese real estate giant Evergrande on Thursday filed for Chapter 15 bankruptcy in a U.S. court, saying it was seeking recognition of restructuring talks in multiple countries.
and became the poster child for China's property crisis. The company’s filing on Thursday comes amid growing fears that problems in China's property sector could spread to other parts of the country's economy as growth slows.
FILE: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Since the sector's debt crisis unfolded in mid-2021, companies accounting for 40% of Chinese home sales have defaulted. Evergrande recently had $330 billion of liabilities. A late 2021 default triggered a string of defaults at other builders, resulting in thousands of unfinished homes across China.
Last month, Evergrande posted a combined $81 billion loss for 2021 and 2022, prompting investor worries about the viability of a debt restructuring plan it proposed in March.
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