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		</div><p>A giant Chinese real estate developer that is struggling to avoid defaulting on $340 billion debt (€312 billion) said it is asking a US court to approve a restructuring plan for foreign bondholders and rejected claims that it has filed for bankruptcy.</p>
<p>Evergrande Group’s mountain of debt prompted fears in 2021 of a possible default that might send shockwaves through the global financial system.</p>
<p>China’s government has tried to reassure investors that its problems are contained and that lending markets will be kept functioning.</p>
<p>Thursday’s request under Chapter 15 of the US bankruptcy code is “a normal step in the overseas restructuring procedure and doesn’t involve bankruptcy filings”, the company said in a statement.</p>
<p>It cited unspecified “media reports” and said it was clarifying the situation.</p>
<p>The company said it negotiated a restructuring with investors in its US dollar-denominated bonds under the legal systems of Hong Kong and the British Virgin islands, but needs approval from a bankruptcy court in New York because they are governed by New York state law.</p>
<p>Evergrande ran short of cash after Beijing tightened controls on corporate debt the ruling Communist Party worries is dangerously high in 2020.</p>
<p>Some other developers collapsed, leaving half-finished apartment blocks standing empty.</p>
<p>Evergrande said it had more assets than debt but had trouble turning slow-selling real estate into cash to repay creditors.</p>
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