[ad_1]
\n<\/p>\n
China: Chinese property giant Evergrande Group \u2014 once the country\u2019s second-largest property developer \u2014 has filed for bankruptcy in New York, CNN reported. The development comes amid a deepening real estate crisis in China, with some of the top companies struggling to find money to complete constructions.<\/span><\/p>\n The move by Evergrande, one of the world\u2019s most heavily indebted property developer, will allow it to protect its assets in the US as it negotiates a multi-billion dollar deal with creditors, BBC reported.<\/p>\n Evergrande has filed for Chapter 15 bankruptcy protection, which shields the US assets of a foreign company as it works on restructuring its debts.<\/p>\n In 2021, Evergrande defaulted on its huge debts, triggering a massive property crisis in China\u2019s economy. Its debts are estimated to be more than $300 billion, making it the world\u2019s most heavily indebted real estate developer. The company\u2019s shares have been suspended from trading since March 2022.<\/p>\n According to its website, Evergrande has more than 1,300 real estate projects in more than 280 cities.<\/p>\n In July, Evergrande revealed that it lost $80 billion over the last two years, BBC reported.<\/p>\n The firm\u2019s default came after the Chinese government began a crack down on excessive borrowing by real estate players in a bid to arrest soaring housing prices.<\/p>\n<\/p><\/div>\n [ad_2] [ad_1] China: Chinese property giant Evergrande Group \u2014 once the country\u2019s second-largest property developer \u2014 has filed for bankruptcy in New York, CNN reported. The development comes amid a deepening real estate crisis in China, with some of the top companies struggling to find money to complete constructions. The move by Evergrande, one of the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-5327","post","type-post","status-publish","format-standard","category-world"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/5327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=5327"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/5327\/revisions"}],"predecessor-version":[{"id":5329,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/5327\/revisions\/5329"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=5327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=5327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=5327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/p>\n","protected":false},"excerpt":{"rendered":"