Evergrande Owes More Than $300 BN, Seeks Protection From Overseas Creditors

China Evergrande Group, once holding a staggering debt exceeding $300 billion, and has initiated a Chapter 15 bankruptcy protection filing in a New York court. The move is aimed at securing its US assets as it navigates a multi-billion-dollar debt restructuring deal with creditors. The company's default on its massive debts in 2021 reverberated through global financial markets, magnifying concerns about China's second-largest economy. With over 1,300 real estate projects spanning more than 280 Chinese cities, Evergrande's financial turmoil underscores the broader challenges within China's property market. This step follows the struggles of other major players, like Country Garden, revealing potential losses of up to $7.6 billion for H1 2023.