JINKE PROPERTY(SZ:000656) 第一财经·2025-09-25 09:39Core Viewpoint - The article discusses the largest judicial restructuring case in the history of the Chinese real estate industry, involving over 8,400 creditors and the significant changes in the control of Jinke Property Group Co., Ltd. [3] Group 1: Company Restructuring - Jinke Property has announced that its restructuring plan will lead to a change in its controlling shareholder and actual controller, with the new controlling shareholders being Jingyu Xingzhu and Jingyu Xingcan, and the actual controller becoming non-existent [3][4]. - The "Huang Hongyun era," which lasted for 27 years since the company's establishment in 1998, has officially ended as Jinke Property transitions to new ownership [3][4]. - The company faced a debt crisis, prompting Huang Hongyun to voluntarily apply for restructuring in July 2023, which initiated the restructuring process [4]. Group 2: Financial Details - Jinke Property's total debt amounts to 147 billion yuan, with over 8,400 creditors involved [5]. - As of the first half of 2025, Jinke Property 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 [5]. - The company has completed the transfer of 3 billion shares to the designated accounts of the restructuring investors, representing 28.21% of the total share capital [4]. Group 3: Shareholder Changes - Following the restructuring, Jinke Property's controlling shareholder, Jinke Holdings, saw its shareholding drop from 4.55% to 2.28%, while Huang Hongyun's shareholding decreased from 8.78% to 4.41% [4]. - The new major shareholder, the Shanghai Pinqi consortium, now controls 9.34% of the total share capital [4]. - The board of directors will undergo a re-election process, with the Shanghai Pinqi consortium entitled to nominate seven board members [5].