JINKE PROPERTY(SZ:000656) Di Yi Cai Jing·2025-09-25 09:00Core Viewpoint - The restructuring of Kinko Real Estate Group marks the end of the 27-year control era of founder Huang Hongyun, with significant changes in the company's ownership and control structure [2][3]. Group 1: Company Control Changes - Kinko Real Estate Group's restructuring plan will result in a change of controlling shareholders from Kinko Holdings to Jingyu Xingzhu and Jingyu Xingcan, with no actual controller designated [2][3]. - Huang Hongyun's shareholding has decreased from 8.78% to 4.41%, while Kinko Holdings' stake has dropped from 4.55% to 2.28% [3]. Group 2: Financial Situation - Kinko Real Estate and its subsidiary have a total debt of 147 billion yuan, with over 8,400 creditors involved [4]. - As of the first half of 2025, Kinko Real Estate reported revenue of 2.363 billion yuan and a net loss attributable to shareholders of 7.523 billion yuan, with total assets of 175.749 billion yuan and total liabilities of 200.604 billion yuan [4].