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Evergrande Group, the second-largest property developer in China, has filed for bankruptcy protection at a court in New York. This move has brought about uneasiness in the property sector in China as this only confirms the worsening crisis there, which is already affecting the country’s economy.
Based on the reports, the Evergrande Group decided to file for Chapter 15 in the U.S. as part of a debt restructuring plan. The filing is intended to protect the company’s assets in the U.S. while it is seeking approval from creditors for the said offshore restructuring scheme.
Likewise, with this bankruptcy protection, the Chinese real estate company will be shielded from lawsuits that its creditors may want to file against it. This will also prevent lenders from tying up Evergrande’s assets in the United States.
It was noted that this is said to be the biggest debt restructuring in the world and is happening amid the country's weakening economy. In fact, China recently lowered some key interest rates in a bid to aid struggling activity. The government is also expected to reduce prime loan rates this week.
But despite these efforts, analysts said that these are not enough or too late because what is needed are more powerful measures to help the economy recover and stop it from spiraling down further.
Express Tribune reported that Evergrande’s debt restructuring involves $31.7 billion, including collateral, bonds, and repurchase obligations. The company is set to meet with its lenders this month to discuss its restructuring proposal.
Meanwhile, as per South China Morning Post, Centaline property agency based in Hong Kong is also seeking $137.5 million in unpaid commissions from developers in China, including Evergrande. Many Chinese real estate firms owe more than C¥1 billion in commission fees to Centaline.
Photo by: Evergrande Website
