Info via Reuters that is seeking protection from creditors in the United States under Chapter 15 of the U.S. bankruptcy code
- 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.
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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.
Other reports say:
- Evergrande posted losses circa US$80bn in the past 2 years
- the firm had around US$340bn in debt as of the end of 2022
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