China’s Jinke Near Pre-Restructuring Application, Sources Say
- Jinke plans to seek court order as early as this week
- The builder might have new shareholders post-restructuring
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Chinese property developer Jinke Properties Group Co. Ltd. plans to seek as early as this week court approval to undergo a “pre-restructuring” process that would lead to new shareholders, according to people familiar with the matter.
Jinke telegraphed the move in a Dec. 1 notice, filed with the Shenzhen Stock Exchange, that said it has been working with Great Wall Guofu Real Estate Co. Ltd. in restructuring after they signed a “strategic investment framework agreement.” Guofu is the real estate arm of state-owned distressed asset manager China Great Wall Asset Management.