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After more than a year of promoting restructuring, Jinke Real Estate Group Co., Ltd. (hereinafter referred to as "Jinke Holdings") pointed out in its latest announcement that its judicial restructuring work is planned to be completed in the fourth quarter of 2024.

At 9:30 am on July 25, the Fifth Intermediate People's Court of Chongqing held the first creditors' meeting of Jinke Real Estate Group Co., Ltd.'s bankruptcy reorganization case online (hereinafter referred to as "this meeting"). A total of 3,321 creditors with voting rights attended the meeting, and the total amount of unsecured claims was 52.599 billion yuan. There were nine items on the agenda of the meeting, including the administrator's report on the performance of his duties, the declaration and review of claims, the debtor's property status report, and the audit agency's explanation.

As of 6:00 p.m. on July 25, a total of 3,245 creditors voted in favor of the "Rules for the Convening and Voting of Off-site and Online Creditors' Meetings in the Bankruptcy and Reorganization Case of Jinke Real Estate Group Co., Ltd.", accounting for 97.71% of the creditors with voting rights attending the meeting, more than half; the amount of claims they represented was 46.222 billion yuan, accounting for 63.90% of the total amount of unsecured claims, more than one-half.

Regarding the "Debtor Property Management Plan for the Bankruptcy and Reorganization Case of Jinke Real Estate Group Co., Ltd.", a total of 3,131 creditors voted in favor, accounting for 94.28% of the creditors with voting rights attending the meeting, more than half; the amount of claims they represented was 43.42 billion yuan, accounting for 60.03% of the total amount of unsecured claims, more than one-half.

Looking back, Jinke shares proposed reorganization in May 2023. At that time, Chongqing Duanheng Construction Engineering Co., Ltd. sent a notice letter to Jinke, believing that although Jinke could not repay its due debts and obviously lacked repayment ability, as a listed company, Jinke shares still had certain reorganization value, so it applied to the Fifth Intermediate People's Court of Chongqing for reorganization of Jinke shares.

It is understood that in order to smoothly promote the reorganization work, Jinke Holdings has prepared for more than a year. On June 30, 2023, Jinke Holdings announced that it had signed a "Strategic Investment Framework Agreement" with Great Wall Guofu, and it intends to participate in Jinke's relevant reorganization procedures as a reorganization investor. On February 21 this year, Jinke Holdings announced that the company applied for reorganization and the court received the application materials. On April 22, the Chongqing Fifth Intermediate People's Court ruled to accept the reorganization application of Jinke Holdings and Chongqing Jinke.

On May 22 this year, Jinke Holdings disclosed the "Notice of Reorganization Claims Application and Announcement of the Creditors' Meeting". After more than two months of claims application and review, the first creditors' meeting was finally held on July 25, and all the required voting items were approved by the creditors' meeting, which means that Jinke's restructuring has reached a milestone.

It is understood that under the new "Nine National Regulations", regulatory authorities have tightened supervision over listed companies. As a listed company, three conditions must be met before a formal reorganization application is accepted: first, obtain a letter of no objection from the China Securities Regulatory Commission, second, obtain a reply from the Supreme People's Court, and third, obtain support from the local provincial government. Currently, Jinke Holdings has obtained these three road permits.

As for the approximate timetable for the subsequent restructuring, at present, the restructuring manager of Jinke is publicly recruiting and selecting restructuring investors. The restructuring investors need to submit an operational "Restructuring Investment Plan" before September 24 after completing due diligence; after the submission deadline of the "Restructuring Investment Plan", the manager will determine the final restructuring investor through competitive selection.

Jinke Holdings pointed out that according to the current work arrangements, the judicial reorganization work is planned to be completed in the fourth quarter of 2024.

Written by: Southern Metropolis Daily reporter Qiu Yongfen