China’s 2nd largest property development group has filed bankruptcy protection in the US | Forexlive

Info via Reuters that is seeking protection from creditors in the United States under Chapter 15 of the U.S. bankruptcy code

• Earlier this week, the embattled property developer resolved to delay its meetings for the Hong Kong CEG Class A and Class C holders of debt to provide them more time to consider its fresh restructuring plan.

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

Other reports say:

• Evergrande posted losses circa US$80bn in the past 2 years
• the firm had around US$340bn in debt as of the end of 2022