NEW YORK, United States—Embattled Chinese property giant Evergrande Group filed for bankruptcy protection in the United States on Thursday, court
Evergrande, once China’s top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities, as it came under intense pressure after officials tightened scrutiny of the real estate industry.
In the latest filings in New York, Tianji Holding and Scenery Journey — of which Evergrande is the ultimate holding company — filed for Chapter 15 protection, which provides mechanisms for dealing with insolvency cases involving more than one country. Yan Yuejin, research director at E-house China R&D Institute, told AFP that Evergrande’s latest filing was an “equivalent to seeking a better debt restructuring”.
But the massive debt accrued by the industry’s biggest players has been perceived by Beijing in recent years as an unacceptable risk for China’s financial system and overall economic health.
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