JINKE PROPERTY(SZ:000656) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-11 03:58Core Viewpoint - *ST Jinke (000656) is undergoing a significant restructuring process, marking the largest scale of corporate restructuring in the real estate industry, involving a debt of 147 billion and over 8,400 creditors [1][3]. Group 1: Restructuring Plan - Jinke plans to adjust equity through a capital reserve increase, distributing 5.294 billion shares to introduce restructuring investors and repay debts [1][2]. - The share distribution includes 3 billion shares for attracting restructuring investors and 2.294 billion shares for direct debt repayment [2]. - The restructuring investors are categorized into industrial and financial investors, with specific allocations and lock-up periods for each [2][4]. Group 2: Financial Performance and Future Plans - Jinke's half-year report indicated a significant decline in revenue and costs, with a year-on-year decrease of 85.28% and 84.33% respectively [5]. - The company aims to complete all project deliveries by 2025 and restore normal operations by 2026, while also pursuing new development strategies [5][6]. Group 3: Role of Longcheng Asset Management - Longcheng Asset Management has played a crucial role in the restructuring process, providing both industrial and financial support, and facilitating complex risk resolution [3][4][5]. - The company has successfully acquired 1.4 billion in non-performing debts from banks, aiding in the financial risk resolution [5]. - Longcheng's innovative restructuring approach has been recognized as a model for addressing risks in large-scale real estate companies [6][7]. Group 4: Industry Implications - The restructuring of Jinke is seen as a pioneering case in the real estate sector, potentially offering a replicable model for other companies facing similar challenges [6][8]. - The involvement of asset management companies (AMCs) has become increasingly significant in resolving financial risks within the real estate market, with a focus on optimizing resource allocation and enhancing asset quality [8][9].