{"id":12694,"date":"2023-08-18T05:22:55","date_gmt":"2023-08-18T05:22:55","guid":{"rendered":"https:\/\/isafespend.com\/news\/chinas-property-giant-evergrande-files-for-bankruptcy-protection-in-manhattan-court\/"},"modified":"2023-08-18T05:22:57","modified_gmt":"2023-08-18T05:22:57","slug":"chinas-property-giant-evergrande-files-for-bankruptcy-protection-in-manhattan-court","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12694","title":{"rendered":"China’s property giant Evergrande files for bankruptcy protection in Manhattan court"},"content":{"rendered":"
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China’s heavily indebted property giant Evergrande Group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court.<\/p>\n

In a filing to the Manhattan bankruptcy court, the firm referenced restructuring proceedings in Hong Kong, the Cayman Islands and the British Virgin Islands.<\/p>\n

CNBC has reached out to Evergrande for comment but did not hear back.<\/p>\n

The world’s most indebted property developer defaulted in 2021 and announced an offshore debt restructuring program in March. Trading of Evergrande shares have been suspended since March 2022.<\/p>\n<\/div>\n

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The Chapter 15 bankruptcy\u00a0protection allows a U.S. bankruptcy court to intervene in cross-border insolvency case involving foreign companies that are undergoing restructuring from creditors. It aims to protect the debtors’ assets and facilitate the rescue of businesses that are in financial trouble.<\/p>\n

Tianji Holdings, an affiliate of Evergrande, and its subsidiary Scenery Journey, also filed for Chapter 15 protection in a Manhattan bankruptcy court, according to the filing.<\/p>\n<\/div>\n

Property sector fallout<\/h2>\n
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China’s massive real estate sector has long been\u00a0<\/strong>a vital engine of growth for the world’s second-largest economy, and accounts for as much as 30% of the country’s gross domestic product.<\/p>\n

Despite recent policy signals, investor worries linger.\u00a0In late July,\u00a0its top leaders indicated a shift\u00a0toward greater support for the property sector, paving the way for local governments to implement specific policies.<\/p>\n

In July, Evergrande\u00a0posted a combined loss of $81 billion over the past two years, after struggling to finish projects and repay suppliers and lenders.<\/p>\n

Net losses for 2021 and 2022 were 476 billion yuan ($66.36 billion) and 105.9 billion yuan ($14.76 billion), respectively, as a result of property write-downs, return of lands, losses on financial assets and financing costs, the company said.<\/p>\n

The bankruptcy filing was signed by Jimmy Fong, who listed himself as a “foreign representative” of China Evergrande Group. A “scheme creditors” meting is set for Wednesday at the Hong Kong office of Sidley Austin, the U.S. based law firm representing Evergrande, the petition added.<\/p>\n

\u2014 CNBC’s Evelyn Cheng and Elliot Smith contributed to this story.<\/em><\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China’s heavily indebted property giant Evergrande Group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court. In a filing to the Manhattan bankruptcy court, the firm referenced restructuring proceedings in Hong Kong, the Cayman Islands and the British Virgin Islands. 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