Aug 17 (Reuters) - China Evergrande (3333.HK) is seeking protection from creditors in the United States under Chapter 15 of the U.S. bankruptcy code, court documents showed on Thursday.
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.
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.
Trading in the company's shares was suspended on March 21 last year.
The China Evergrande Group is the second largest property developer in China by sales. It is incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China. It was founded in 1996 by Xu Jiayin. It sells apartments mostly to upper- and middle-income dwellers
Aug 17 (Reuters) - China Evergrande (3333.HK) is seeking protection from creditors in the United States under Chapter 15 of the U.S. bankruptcy code, court documents showed on Thursday.
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.
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.
Trading in the company's shares was suspended on March 21 last year.
And Burry just bid against Wall Street, maybe it's actually going to happen this time 🙏
🦍 we can only hope.
That's convenient.
We trust Reuters as a news source here now?
Trust them all, but verify— you know how we do it