Apr 25, 2024 04:15 AM
FINANCE
Troubled Developer Jinke Gets Nod for Bankruptcy Restructuring
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Established in 1998 by businessman Huang Hongyu, Jinke debuted on the Shenzhen exchange in 2011 through a backdoor listing
Debt-laden real estate company Jinke Property Group Co. Ltd. has received court clearance to start bankruptcy reorganization, becoming the first major developer caught in China’s prolonged property crisis to enter the restructuring process.
The Chongqing No. 5 Intermediate People’s Court declared Jinke unable to settle its debts due to a serious lack of liquidity and accepted its application to begin bankruptcy restructuring, the Shenzhen-listed group said late Monday.
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