JINKE PROPERTY(SZ:000656) Zheng Quan Ri Bao Wang·2025-12-16 14:06Core Viewpoint - The successful completion of the restructuring plan for *ST Jinke (000656) is expected to restore market confidence and improve the company's financial health, allowing it to apply for the removal of delisting risk warnings from the Shenzhen Stock Exchange [1][2]. Group 1: Restructuring Process - The restructuring process began in May 2023 when the company proposed to apply for restructuring and pre-restructuring [2]. - In February 2024, *ST Jinke officially filed for restructuring, which was accepted by the Chongqing Fifth Intermediate People's Court in April 2024 [2]. - The restructuring investors were finalized in November 2024, with a total investment of 2.628 billion yuan from various parties, including Shanghai Pinqi Management Consulting Co., Ltd. and Beijing Tianjiao Lvyuan Real Estate Development Co., Ltd. [2]. Group 2: Financial and Operational Improvements - The completion of the restructuring plan is expected to significantly improve the company's asset-liability structure and enhance its core competitiveness and profitability [3]. - The restructuring is projected to have a positive impact on the company's financial status in 2025, with specific amounts to be determined by audited financial statements [3]. Group 3: Industry Implications - The restructuring of *ST Jinke serves as a reference for the real estate industry in addressing challenges and finding new pathways for risk resolution [4]. - The case demonstrates that large real estate companies can effectively mitigate risks through judicial restructuring, providing a replicable success model for the industry [4][6]. - The company plans to restructure its business model around four key areas: investment management, development services, operational management, and special assets, incorporating technology and innovative practices [4].