Chinese real estate giant Evergrande Group has reportedly filed for bankruptcy protection in the United States amid a deepening real estate crisis.
On Thursday, Evergrande filed for Chapter 15 bankruptcy protection in a New York court.
This will allow the debt-ridden company to protect its assets from creditors as it works to restructure its debt.
The move comes as problems in China's property market exacerbate concerns about the world's second-largest economy.
Its real estate unit has more than 1,300 projects in more than 280 cities and also owns businesses such as electric car makers and football clubs.
The company, which failed to repay its debt due in 2021, has sought to renegotiate its deal with creditors.
With debts estimated at more than $300 billion, it is the world's most indebted real estate developer.
Last week, another major Chinese property giant, Country Garden, warned that it could lose up to $7.6 billion for the first six months of this year.
In fact, several other large companies in the Chinese real estate market are also struggling to find money in completing development projects.
