NEW YORK: Embattled developer China Evergrande Group has filed for protection from creditors in a US bankruptcy court as part of its debt restructuring process, as anxiety grows over China's worsening property crisis and a weakening economy.
The developer's offshore debt restructuring involves a total of US$31.7 billion, which include bonds, collaterals and repurchase obligationsEvergrande declined to comment. The property sector crisis has also fanned financial contagion risk, which could have a destabilising impact on an economy already weakened by tepid domestic consumption, faltering factory activity, rising unemployment and weak overseas demand.
Morgan Stanley this week followed some of the major global brokerages to cut China's growth forecast for this year. It now sees China's gross domestic product growing 4.7 per cent this year, down from an earlier forecast of 5 per cent.Evergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. It is now gathering creditor support to complete the process.
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