Evergrande, which in the past was China’s biggest property developer, has filed for bankruptcy in the U.S. after two years of financial decline. The company filed in Manhattan on Thursday a Chapter 15, which makes U.S. bankruptcy protection available to foreign companies. Much of Evergrande’s corporate debt was held by U.S. and European institutional investors. Yan Yuejin, research director at E-house China R&D Institute said that the filing is the company “seeking a better debt restructuring.” Yan also said, “In fact, Evergrande’s business is certainly still operational.” Evergrande has become emblematic of growing concerns regarding China’s declining economy. The company defaulted on its bonds in 2021 and has since posted a loss of $113 billion in 2021 and 2022. There are concerns of a domino effect as fellow Chinese property giant Country Garden may default on its bond payment next month, and the real estate sector accounts for an estimated 30% of China’s gross domestic product.