Beijing/Singapore, Oct 3 (EFE).- Indebted Chinese real estate giant Evergrande rose Tuesday in its return to the Hong Kong Stock Exchange, after suspending trading last week when it was revealed that its president is the subject of an investigation for alleged illegalities. Shares of China Evergrande resumed trading, as the company announced in a statement, …
Evergrande s Services Arm Posts 43% Profit Jump on Margin Lift
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China Evergrande files for protection in US court as part of $32bln debt overhaul
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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. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.