China's 2nd largest property development group has filed bankruptcy protection in the US

<p>Info via Reuters that is seeking protection from creditors in the United States under Chapter 15 of the U.S. bankruptcy code</p><ul><li> Earlier this week, the embattled property developer resolved to delay its meetings for the Hong Kong CEG Class A and Class C holders of debt to provide them more time to consider its fresh restructuring plan.</li><li>

Since the sector's debt crisis unfolded in mid-2021, companies accounting for 40% of Chinese home sales have defaulted, most of them private property developers.</li></ul><p>Other reports say:</p><ul><li>Evergrande posted losses circa US$80bn in the past 2 years</li><li>the firm had around US$340bn in debt as of the end of 2022</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.