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.

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’s filing comes amid growing fears that problems in China’s property sector could spread to other parts of the country’s economy as growth slows.

Since the sector’s debt crisis unfolded in mid-2021, companies accounting for 40% of Chinese home sales have defaulted.

  • Mojojojo1993@lemmy.worldEnglish
    17·
    11 months ago

    You mean when China and other countries have been fudging the numbers on their supposed GDP.

    China should be fucked. It’s biggest industry’s is house building and it’s just been building fake cities to keep up with this apparent industry. It’s building for the sake of numbers going up in a spreadsheet.

    If Chinas numbers stop going up maybe other countries numbers also won’t go up.

    Why won’t anyone think of the shareholders. Someone please do something. All numbers must go up at all times.

    • NOT_RICK@lemmy.worldEnglish
      8·
      11 months ago

      It’s comforting knowing the people running the world like clicker games as much as I do