JINKE PROPERTY(SZ:000656) Guan Cha Zhe Wang·2025-09-28 02:57Group 1 - The largest judicial reorganization case in China's real estate industry, involving over 8,400 creditors and a debt scale of 147 billion yuan, has made new progress [1] - On September 26, Jinke Property Group Co., Ltd. announced the signing of trust contracts with CITIC Trust for bankruptcy reorganization, marking a key step in the reorganization plan [2] - The establishment of a bankruptcy service trust by CITIC Trust is intended to create an independent asset pool for debt repayment, indicating the legal framework for the complex repayment mechanism has been completed [2] Group 2 - On April 22, 2024, the Chongqing Fifth Intermediate People's Court formally accepted the reorganization application of Jinke Property and its subsidiary, Chongqing Jinke [4] - On May 10 and 11, 2025, the court approved the reorganization plans for both Jinke Property and Chongqing Jinke, leading to the execution phase of the reorganization plan [5] - As part of the reorganization, 5.294 billion shares were transferred to a special account for the bankruptcy estate, increasing the total share capital from 5.34 billion to 10.634 billion shares [5] Group 3 - The reorganization plan includes a combination of "cash + stock + trust income rights," which increases the repayment rate for ordinary creditors by approximately 20 percentage points compared to a bankruptcy liquidation scenario [6]