The poster child of China’s property crisis, Evergrande Group, has filed for bankruptcy protection in a US court.

The world’s most heavily indebted property developer has filed for bankruptcy protection under Chapter 15 of the US bankruptcy code. The code protects the company’s US assets while attempting a restructuring deal; it also provides a mechanism to deal with insolvency cases involving more than one country.

Evergrande was one of China’s top property developers. However, the company struggled to stay afloat in 2021 with more than $300 billion in liabilities. Fears of The company collapsing in 2021 have sent a ripple of fear throughout the world’s number two economy.

Tianji Holding and Scenery Journey, a wholly owned subsidiary of Evergrande Group, has also filed for bankruptcy protection under Chapter 15 protection.

China’s property market is in turmoil; major developers cannot complete housing projects, triggering mass protests and boycotts from homebuyers.

For a few months, Evergrande has been working on offshore debt restructuring plans that were unveiled earlier this year. This restructuring plan allowed creditors to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande New Energy Vehicle Group and Evergrande Property Services Group.

Last month, Evergrande posted a loss of $18 billion for 2021 and 2022, which worried the debtors about the viability of the debt restructuring plan.