Fears that property crisis will spread to other parts of China's economy
China Evergrande Group (3333.HK) filed for Chapter 15 bankruptcy protection in New York late Thursday.
A Chapter 15 bankruptcy is a way for foreign companies with U.S. assets to get access to domestic courts, and protect it from U.S. creditors while it restructures overseas.
China's second-largest developer earlier this month reported narrowing losses for 2022 as it reined in costs. Evergrande defaulted in late 2021. In recent sessions, investors have worried about another troubled Chinese developer, Country Garden Holdings, whose bonds were downgraded to deteriorating from stable by research company GimmeCredit on Wednesday
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Fears that property crisis will spread to other parts of China's economy
China Evergrande Group (3333.HK) filed for Chapter 15 bankruptcy protection in New York late Thursday.
A Chapter 15 bankruptcy is a way for foreign companies with U.S. assets to get access to domestic courts, and protect it from U.S. creditors while it restructures overseas.
China's second-largest developer earlier this month reported narrowing losses for 2022 as it reined in costs. Evergrande defaulted in late 2021. In recent sessions, investors have worried about another troubled Chinese developer, Country Garden Holdings, whose bonds were downgraded to deteriorating from stable by research company GimmeCredit on Wednesday
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