China Evergrande , 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.
, 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 file lawsuits or tie up assets in the United States. Tianji Holdings, a related company, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court.Evergrande's filing comes amidin mid-2021, companies accounting for 40% of Chinese home sales have defaulted.
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