JINKE PROPERTY(SZ:000656) 21世纪经济报道·2025-05-12 08:38Core Viewpoint - The restructuring plan of *ST Jinke (Jinke Co., Ltd.) has been approved by the majority of creditors, marking a significant step in the company's bankruptcy restructuring process, which involves a debt scale of 1.47 trillion yuan and over 8,400 creditors, making it the largest restructuring case in the real estate industry to date [2][4]. Group 1 - On May 11, Jinke announced that its restructuring plan was approved by the ordinary creditor group, following the approval by the Chongqing Fifth Intermediate People's Court [2]. - The company faced a debt crisis starting in late 2022, culminating in a default on a USD 325 million bond with a coupon rate of 6.85% [3]. - In June 2023, Jinke signed a strategic investment framework agreement with China Great Wall Asset Management, indicating intentions to recruit strategic investors during the restructuring process [3]. Group 2 - The restructuring plan includes introducing new strategic investors, such as the Shanghai Pinqi consortium and China Great Wall Asset Management, which will become the new controlling shareholders [4]. - The plan aims to enhance internal controls and risk management, optimize existing business segments, and focus on becoming a comprehensive real estate operator with strong profitability and high investment returns [4]. - Industry experts believe that Jinke's approach of "judicial restructuring + strategic investment + business transformation" serves as a viable path for real estate companies to mitigate debt risks, providing important demonstration value for stabilizing industry expectations [5].