NTD Business (Aug. 18): China Evergrande Files for Bankruptcy; Mortgage Rates Highest in Decades

Don Ma
By Don Ma
August 18, 2023NTD Business

Embattled developer China Evergrande Group has filed for bankruptcy protection in a U.S. court as part of one of the world’s biggest debt restructuring exercises, as anxiety grows over China’s worsening property crisis and a weakening economy.

The developer has sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.

The average interest rate for a 30-year mortgage in the United States reached its highest level in 21 years.

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