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HONG KONG/NEW YORK (Reuters) -Embattled developer China Evergrande Group has filed for bankruptcy protection in a U.S. court as part of one of the world's biggest debt restructuring exercises, as anxiety grows over China's worsening property crisis and a weakening economy. Once China's top-selling developer, Evergrande has become the poster child of the country's unprecedented debt crisis in the property sector, which accounts for roughly a quarter of the economy, after facing a liquidity crunch in mid-2021. The developer has sought protection under Chapter 15 of the U.S....
The embattled property developer filed for protection under chapter 15
Zhongzhi Enterprise Group Co. hired KPMG in late July to review its balance sheet amid a worsening liquidity crunch, said the people, asking not to be identified as the matter is private. The Beijing-based company plans to restructure debt and sell assets after the review in order to repay investors, the people said. The company manages more than 1 trillion yuan ($137 billion) of assets.
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