Evergrande Files for $32 Billion Debt Overhaul in US Court Amid China Economic Concerns

China Evergrande Group, one of the world's most indebted property developers, has filed for bankruptcy protection in a U.S. court as part of a massive debt restructuring effort. The filing comes amid growing concerns over China's worsening property crisis and a weakening economy. Evergrande's offshore debt restructuring involves $31.7 billion, and the company will meet with creditors later this month to discuss its restructuring proposal. The property sector crisis in China has led to defaults by several developers, causing unfinished homes, plummeting sales, and investor confidence to plummet. The economic and property woes in China have sent a chill through global markets, with Asian shares facing a third consecutive week of declines. China is expected to cut lending rates to support the struggling property sector.