Embattled developer China Evergrande Group has filed for protection from creditors in a U.S. bankruptcy court as part of its debt restructuring process, as anxiety grows over China's worsening property crisis and a weakening economy.
has filed for protection from creditors in a U.S. bankruptcy court as part of its debt restructuring process, as anxiety grows over China's worsening property crisis and a weakening economy.
The developer's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligationsEvergrande declined to comment. A major Chinese asset manager missed repayment obligations on some investment products and warned of a liquidity crisis, while Country Garden
Morgan Stanley this week followed some of the major global brokerages to cut China's growth forecast for this year. It now sees China's gross domestic product growing 4.7% this year, down from an earlier forecast of 5%.Evergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. It is now gathering creditor support to complete the process.
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