A new sign of China's economic weakness this time in a New York City bankruptcy court.

I'm David Brankhachu.

Good morning to you.

The Chinese property giant Evergrande has filed for bankruptcy protection in the U.S.

Evergrande is struggling under a mountain of debt in the move in the U.S.

Let's the firm safeguard its U.S. assets as it continues to work on a new deal with creditors.

Evergrande is the second biggest property company on earth and the world's most indebted company.

The BBC's Nick Marsh reports from Singapore.

Evergrande is the best known of several floundering Chinese property developers.

Two years ago it defaulted on some of its $300 billion worth of debt.

Since then, it's made a loss of a further $80 billion.

Millions of people across China currently have their money tied up in unfinished property.

In fact, a quarter of China's economic activity is accounted for by real estate.

The industry saw ramping speculation until a couple of years ago.

But then the money dried up after the government put limits on how much companies could borrow.

Nick Marsh and Singapore is with our partners at the BBC.

Thirty-year loans to buy a place to live are now the highest in more than two decades.

It was 2002, the last time the average 30-year fixed rate loan was above 7%.

And in the last day it's gone higher still, Marketplace's Novosafo is following this.

Mortgage rates are moving in tandem with the 10-year treasury yield,

which has been climbing on the assumption that a strong economy will force the federal reserve

to keep interest rates higher for longer than previously thought.

...