According to a lawsuit announced Thursday, the Evergrande Group — which is one of the largest real estate companies in China and is also listed on the Hong Kong and Wall Street stock exchanges — filed Thursday evening for Chapter 15 bankruptcy protection in the District Court. Southern from New York.
This came after Evergrande announced operating losses of $81 billion during 2021, and then other losses of $8.9 billion in 2022, amid the continued crisis of the large real estate sector in China, putting pressure on the sector’s profit margins, despite government support and facilities provided to the sector.
Chinese conglomerate Evergrande has filed for bankruptcy protection and is in the process of putting together a debt restructuring deal in Hong Kong and the Cayman Islands, as difficulties in China’s real estate sector appear to have weighed on the conglomerate.
It is noteworthy that filing for Chapter 15 bankruptcy protection works to help foreign companies that are listed on the US stock market or that have assets in the United States to reach agreements with their creditors and shareholders.
2023-08-18 08:18:31
#largest #real #estate #companies #China #filing #bankruptcy #protection
