China's Evergrande Group files for bankruptcy protection in a U.S court

An exterior view of China Evergrande Centre in Hong Kong, China, March 26, 2018. [Reuters]

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.

Once China's top-selling developer, Evergrande has become the poster child of the country's unprecedented debt crisis in the property sector, which accounts for roughly a quarter of the economy, after facing a liquidity crunch in mid-2021.