China Evergrande Group has filed for U.S. bankruptcy protection in a major debt restructuring, amid concerns over China’s property crisis and its impact on the economy.

The company, a top-selling developer, has become the poster child for the country’s massive debt problem in the property sector, which accounts for 25% of the economy.

Evergrande plans to petition the U.S. court to recognize plans of arrangement under the offshore debt restructuring for Hong Kong and the British Virgin Islands, as its dollar notes are controlled by New York law.

The $31.7 billion offshore debt restructuring includes bonds, collateral, and buyback obligations.