OUTCRY IN CHINA, REAL ESTATE COMPANY EVER GRAND WENT BANKRUPT

 The lamp of China, which is called the world's economic factory, superpower, seems to be getting extinguished. Amid economic slowdown, the bankruptcy of China's biggest real estate company China Ever Grand has created an uproar in the country.
            Let us tell you that after the default of Ever Grand last year, the collapse of the real sector started there. But now due to bankruptcy, there has been hue and cry in China.
           China's economy is sluggish, exports have fallen. Manufacturing has died. There is a situation of deflation in the country. The people of China themselves are weak.
           This giant company has applied for bankruptcy in a US court. China's second largest real estate company Ever Grand has filed for bankruptcy in the US. The real estate crisis has started in China in 2021. Since then many companies have defaulted.
            Ever Grand is the largest debt real estate company in the world. This company has a debt of $ 330 billion. Ever Grand defaulted on loan repayments at the end of 2021. Along with Ever Grand, its subsidiary Tianji Holdings has also filed for bankruptcy.
           The company has sought relief from the US court under Chapter 15 of the Bankruptcy Code. This prevents the creditors from suing the company or touching its assets. That is, the lending bank cannot file a case against the company.
           This has created a stir in America as well. Evergrade's crisis may also engulf other sectors in China.