China’s struggling property giant Evergrande files for bankruptcy protection in US

The company’s chapter 15 protection will protect its US assets while it attempts a restructuring deal

China’s Evergrande Group, the world’s most heavily indebted property developer and the poster child for the country’s property crisis, has filed for bankruptcy protection in a US court.

The company sought protection under chapter 15 of the US bankruptcy code, which protects its US assets while it attempts a restructuring deal. The code also provides mechanisms for dealing with insolvency cases involving more than one country.

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