China's Real Estate Crisis Sharpening! Evergrande Files for Bankruptcy Protection

<p>&nbsp;Chinese real estate giant Evergrande Group has reportedly filed for bankruptcy protection in the United States amid a deepening real estate crisis.</p><p><br /></p><p>On Thursday, Evergrande filed for Chapter 15 bankruptcy protection in a New York court.</p><p><br /></p><p>This will allow the debt-ridden company to protect its assets from creditors as it works to restructure its debt.</p><p><br /></p><p>The move comes as problems in China's property market exacerbate concerns about the world's second-largest economy.</p><p><br /></p><p><br /></p><p>Its real estate unit has more than 1,300 projects in more than 280 cities and also owns businesses such as electric car makers and football clubs.</p><p><br /></p><p>The company, which failed to repay its debt due in 2021, has sought to renegotiate its deal with creditors.</p><p><br /></p><p>With debts estimated at more than $300 billion, it is the world's most indebted real estate developer.</p><p><br /></p><p>Last week, another major Chinese property giant, Country Garden, warned that it could lose up to $7.6 billion for the first six months of this year.</p><p><br /></p><p>In fact, several other large companies in the Chinese real estate market are also struggling to find money in completing development projects.</p>