Second major property giant files for bankruptcy with $10 billion debt – after rival defaulted on unpaid bills ...Middle East

A HUGE Chinese property development company has filed for bankruptcy protection in the US. Sunac filed for Chapter 15 bankruptcy in the US Bankruptcy Court in New York City on Tuesday despite winning approval to restructure $10billion in debt on Monday, according to CNN Business. GettyChinese property developer Sunac has filed for bankruptcy in a US court on Tuesday[/caption] GettyThis comes as Evergrande, another major Chinese developer, also filed for bankruptcy in the US last month[/caption] This follows the news that Evergrande, one of China’s other leading property developers, also filed for bankruptcy last month after reporting $81billion in losses in the last two years.

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Last updated : 20 September 2023 clock 01:08 PM

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Second major property giant files for bankruptcy with $10 billion debt – after rival defaulted on unpaid bills ...Middle East

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