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The Guardian - UK
The Guardian - UK
World
Amy Hawkins

China’s property crisis deepens with developer Country Garden at risk of default

China Country Garden Evergrande
The Country Garden logo on top of a building in Zhenjiang in China's eastern Jiangsu province
The Country Garden logo on top of a building in Zhenjiang in China's eastern Jiangsu province. Photograph: AFP/Getty Images

China’s property crisis has deepened with two major developers facing severe financial difficulties that threaten to send shock waves through the country’s economy and beyond.

Evergrande, the poster child for the woes of China’s property sector, filed for chapter 15 bankruptcy protection in New York on Thursday. The provision permits the company to protect its US assets and will allow cross-border bankruptcy proceedings as it undergoes a restructuring.

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