China Evergrande files for bankruptcy protection in New York

Move comes amid growing fears that China's property-sector woes could spread

Evergrande sought protection under a U.S. Bankruptcy Code chapter that shields non-U.S. companies undergoing restructuring from creditors hoping to file suit or tie up assets in the U.S. © Reuters

JACK STONE TRUITT, Nikkei staff writer

August 18, 2023 07:21 JST

Updated on August 18, 2023 14:22 JST

NEW YORK -- China Evergrande Group filed for bankruptcy in New York on Thursday, seeking to protect its U.S. assets from creditors as it undergoes restructuring.

The move comes as concerns grow over indebtedness among property developers in China and the potential for their financial woes to damage growth in the world's second-largest economy.