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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.
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