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REUTERS reports:
Embattled developer China Evergrande Group (3333.HK) has filed for U.S. bankruptcy protection as part of one of the world’s biggest debt restructurings, as anxiety grows over China’s worsening property crisis and its impact on the weakening economy.
China unexpectedly lowered several key interest rates earlier this week in a bid to shore up struggling activity and is expected to cut prime loan rates on Monday, but analysts say moves so far have been too little, too late, with much more forceful measures needed to stem the economy’s downward spiral.
Once China’s top-selling developer, Evergrande has become the poster child of an unprecedented debt crisis in the country’s property sector, which accounts for roughly a quarter of the economy, after facing a liquidity crunch in mid-2021…
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