China real estate giant Evergrande files for bankruptcy protection

• The company, which defaulted on debt repayments in 2021, has accumulated more than US$300 billion (RM1.34 trillion) in debt. It is considered one of the world's most heavily indebted property developers.

NEW YORK (Aug 18): The Chinese real estate giant Evergrande filed for bankruptcy protection in the US on Thursday.

The China Evergrande Group made the Chapter 15 bankruptcy protection filing in a New York court, German news agency (dpa) quoted US media including CNN and The New York Times reports.

Chapter 15 protects the US assets of a company while it works on restructuring its debts.

The company, which defaulted on debt repayments in 2021, has accumulated more than US$300 billion (RM1.34 trillion) in debt. It is considered one of the world's most heavily indebted property developers.

In January 2022, the group announced a restructuring plan and its shares have been suspended from trading since March 2022.

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