China Builder Jinke’s Holders Back Restructuring Application

(Bloomberg) — Jinke Properties Group Co. obtained shareholder approval to make a restructuring application with a Chinese court, a step toward becoming the largest developer to do so during the country’s property crisis.

The company — which has projects in much of the country and focuses on apartments, townhouses and condominiums — is seeking the overhaul to help restore profitability, it said Thursday in an exchange filing. Jinke’s board backed the application proposal last month, following a 2022 disclosure that the company missed payment on a local bond.