China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday.

The beleaguered firm borrowed heavily and defaulted on its debt in 2021, sparking a massive property crisis in China’s economy, which continues to feel the effects.

Evergrande filed for Chapter 15 bankruptcy protection, which allows a US bankruptcy court to step in when an insolvency case involves another country. Chapter 15 bankruptcy is intended to help promote cooperation between US courts, debtors, and other countries’ courts involved in cross-border bankruptcy proceedings.

Evergrande did not immediately respond to CNN’s request for comment.

The impact of Evergrande’s default
China’s real estate sector was long seen as a vital growth engine in the world’s second-largest economy and accounted for as much as 30% of the country’s GDP. But Evergrande’s 2021 default sent shockwaves through China’s property markets, damaging homeowners and the broader financial system in the country.

https://edition.cnn.com/2023/08/17/business/evergrande-files-for-bankruptcy/index.html

Thus i say unto you... very u must be broke.... trust THy Lord

brace up for yet another global financial meltown AKA crisis.
I forsee some sort of replica of the 2007 crisis.
Be cautious of your investments especially those in mutual funds and stock markets.
If you must "hold", make sure its on long term plans.

Mismanagement has occurred.