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Evergrande files for bankruptcy protection

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NEW YORK: Embattled Chinese property giant Evergrande Group has filed for bankruptcy protection in the United States, court documents showed, a measure that protects its US assets while it attempts to restructure.

Evergrande, once China’s top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities, as it came under intense pressure after officials tightened scrutiny of the real estate industry.The company’s woes have come to symbolise the growing crisis in China’s sprawling property sector, which accounts for a huge portion of the world’s number two economy, that many fear could spill over globally.

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