Jul 05, 2023 06:17 AM

FINANCE

Jinke May Get a Restructuring Lifeline From Bad Debt Manager

By Wang Juanjuan and Han Wei

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

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

A unit of one of China’s four biggest bad debt managers is considering an investment in Jinke Property Group Co. Ltd., the cash-strapped Chongqing-based developer said.

Shenzhen-traded Jinke, which faces a bankruptcy reorganization petition, said in a filing that it entered a framework agreement with Great Wall Guofu Real Estate (Beijing) Co. Ltd., a wholly owned subsidiary of Great Wall Asset Management.

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