China’s Evergrande files for protection in US court as part of $32 billion debt overhaul

Once China’s top-selling developer, Evergrande has become the poster child of the country’s unprecedented debt crisis in the property sector.

Embattled developer China Evergrande Group (3333.HK) has filed for protection from creditors in a U.S. bankruptcy court as part of its debt restructuring process, as anxiety grows over China’s worsening property crisis and a weakening economy.