Breaking: Listed Real Estate Company Jinke Property Group in China Files for Bankcruptcy

Jinke Property Group, ( stock code: 000656), a real estate company listed on the Shenzhen Stock Exchange, has filed for bankruptcy, causing a significant drop in its stock price.

Jinke became a listed company in 2011. At that time, it had a net profit of 1,069,079,365.57 yuan, with a total asset of 37,352,879,632.98 yuan. At the end of Q1 this year, it reported a net profit of -295,390,957.82 yuan, with a total asset of 293,063,704,413.59 yuan.

According to JinKe, it received a "Notice Letter" from Chongqing Duanheng Construction Engineering Co., Ltd. on May 22, 2023. Duanheng Construction believes that JinKe is unable to repay its due debts and clearly lacks the ability to repay. However, as a listed company, JinKe believes it still holds certain value for restructuring. Therefore, it has applied to the Chongqing Fifth Intermediate People's Court for bankruptcy restructuring.

5/25/2023*

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