China's Evergrande Group, previously the second-largest property developer in the country, declared bankruptcy in New York on Thursday.
The company faced significant financial troubles and defaulted on its debt in 2021. This triggered a major property crisis in China's economy, the effects of which persist today.
Evergrande sought Chapter 15 bankruptcy protection, allowing a US bankruptcy court to intervene in international insolvency cases. This provision facilitates collaboration be...
