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China Evergrande seeks Chapter 15 protection in Manhattan bankruptcy court
August 18, 20236:32 AM GMT+8
NEW YORK, Aug 17 (Reuters) – China Evergrande (3333.HK), which is the world’s most heavily indebted property developer and became the poster child for China’s property crisis, on Thursday filed for protection from creditors in a U.S. bankruptcy court.
The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.
An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court.
A lawyer for Evergrande did not immediately respond to requests for comment.
Evergrande: China property giant files for US bankruptcy protection
Published
2023-08-18T02:02:45.000Z
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 move comes as problems in China’s property market add to concerns about the world’s second largest economy.
China Evergrande Group made the Chapter 15 bankruptcy protection filing in a New York court on Thursday.
Chapter 15 protects the US assets of a foreign company while it works on restructuring its debts.
Evergrande did not immediately respond to a request for comment from the the BBC.
China’s Evergrande files for bankruptcy
Updated 8:30 PM EDT, Thu August 17, 2023
CNN — China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday.
The beleaguered firm borrowed heavily and defaulted on its debt in 2021, sparking a massive property crisis in China’s economy, which continues to feel the effects.
Evergrande filed for Chapter 15 bankruptcy protection, which allows a US bankruptcy court to step in when an insolvency case involves another country. Chapter 15 bankruptcy is intended to help promote cooperation between US courts, debtors, and other countries’ courts involved in cross-border bankruptcy proceedings.
Evergrande did not immediately respond to CNN’s request for comment.
The impact of Evergrande’s default
China’s real estate sector was long seen as a vital growth engine in the world’s second-largest economy and accounted for as much as 30% of the country’s GDP. But Evergrande’s 2021 default sent shockwaves through China’s property markets, damaging homeowners and the broader financial system in the country.
The company’s default came after Beijing began cracking down on excessive borrowing by developers in an attempt to rein in soaring housing prices.
Since Evergrande’s collapse, several other major developers in China, including Kasia, Fantasia, and Shimao Group, have defaulted on their debts. Most recently, another Chinese real estate giant, Country Garden, warned that it would “consider adopting various debt management measures” — fueling speculation that the company may be preparing to restructure its debt as it struggles to raise cash.
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