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A palatial Manhattan residence occupied for years by exiled Chinese businessman Guo Wengui has been put under bankruptcy protection amid a legal dispute over the multimillion-dollar apartment on the 18th floor of the Sherry-Netherland Hotel.

Genever Holdings LLC, the apartment’s owner, filed for chapter 11 protection Monday in the U.S. Bankruptcy Court in New York, automatically pausing pending civil litigation involving the premises, which overlook Central Park.

Mr….