JINKE PROPERTY(SZ:000656) Jin Rong Shi Bao·2025-09-18 01:31Core Viewpoint - Jinke Property Group has initiated a significant restructuring plan involving a capital reserve conversion to equity, aimed at addressing its substantial debt of 147 billion yuan and engaging over 8,400 creditors, marking a critical phase in the largest restructuring case in the real estate sector to date [1][2]. Group 1: Restructuring Plan Details - The restructuring plan is the largest in the real estate industry, focusing on the listed group entity rather than individual project companies, which presents unique challenges due to complex equity structures and debt guarantees [2][3]. - China Great Wall Asset Management has played a pivotal role in the restructuring, acting as both an industrial and financial investor, and has been instrumental in designing and implementing the restructuring plan over two years [2][4]. Group 2: Implementation and Impact - The successful execution of the restructuring plan positions Jinke as the first listed real estate company in China to shed over 100 billion yuan in debt through judicial restructuring, providing a valuable reference for other companies facing similar challenges [2][3]. - The restructuring has been designed to protect the interests of small creditors while ensuring reasonable compensation for financial creditors, contributing positively to the stability of the real estate market [3][4]. Group 3: Professional Support and Solutions - China Great Wall Asset Management has utilized its expertise in bankruptcy restructuring to offer a comprehensive solution, including capital injection and operational support, to help Jinke emerge from its debt crisis [3][4]. - The firm has successfully mobilized 2.628 billion yuan in overall investment and has engaged in active communication with creditors to mitigate existing risks [4][6]. Group 4: Broader Implications and Future Directions - The restructuring process not only aims to resolve financial risks but also seeks to revitalize idle assets, restore production, and create new employment opportunities, thereby contributing to social value creation [6][7]. - The company has established a "three-part" work principle for listed company bankruptcy restructuring, focusing on early-stage design, debt resolution, and capital injection, which enhances its service capabilities in the market [7].