Chinese Property Giant Evergrande , Files for Bankruptcy Protection.<br />Evergrande filed for Chapter 15 bankruptcy protection in a Manhattan court on Aug. 17.<br />The firm is reportedly seeking recognition of restructuring negotiations taking place "in Hong Kong, the Cayman Islands <br />and the British Virgin Islands," NBC News reports. .<br />Evergrande revealed its offshore debt <br />restructuring plan after defaulting in 2021.<br />Trading of the property developer's shares <br />has been halted since March of last year.<br />Chapter 15 bankruptcy protection permits an American bankruptcy court to intercede in cases dealing with foreign companies restructuring. .<br />The filing seeks to secure a debtors' assets and <br />help to rescue a financially unstable business. .<br />Last month, Evergrande revealed that over <br />the past two years, it lost $81 billion.<br />Another major developer in China, Country Garden, recently issued a profit warning after having troubles making "coupon payments on U.S. dollar-denominated bonds," NBC News reports. .<br />It's also suspended trading of <br />11 onshore bonds, NBC News reports.<br />Troubles within China's property sector <br />have stoked fears that other parts of the <br />economy will begin to suffer more as well
