Creditor Files to Force Jinke Into Bankruptcy Reorganization

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Established in 1998 by businessman Huang Hongyu, Jinke debuted on the Shenzhen exchange in 2011 through a backdoor listing and ranked as one of the top regional developers in Chongqing

A creditor sought to force Jinke Property Group Co. Ltd. into bankruptcy reorganization after the largest private real estate developer in southwest China failed to repay 27.9 million yuan ($3.96 million) of construction costs, Jinke said in a filing to the Shenzhen Stock Exchange this week.

Chongqing Hengrui Constructional Engineering Co. Ltd., a Jinke supplier, filed with a Chongqing court demanding a bankruptcy reorganization of Jinke. The developer is struggling to pay down billions of dollars of debt. The court filing adds to risks that the company will be kicked off the Shenzhen exchange.

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