Group 1 - The Hong Kong High Court has ruled for the liquidation of Shanghai-based real estate company Jingrui Holdings, marking the first successful liquidation case in the current real estate debt crisis initiated by an Asset Management Company (AMC) [2] - The liquidation application was filed by CITIC Financial Asset International Holdings due to Jingrui Holdings' inability to repay debts amounting to $160 million, stemming from a default on offshore loans by its wholly-owned subsidiary, Natural Apex Limited [2] - The court found that Jingrui Holdings failed to provide substantial defenses against the liquidation, leading to a standard liquidation order [2] Group 2 - Jingrui Holdings, founded in 1993, initially focused on real estate development in Shanghai but later diversified into various sectors, including long-term rental apartments and financial services, which ultimately led to missed opportunities during the real estate boom [3] - The company faced a debt crisis in 2021, with a debt-to-asset ratio reaching 386% and negative net assets by the end of 2024, indicating insolvency [4] - As of 2025, Jingrui Holdings had only 626 million yuan in cash and deposits against total liabilities of 29.8 billion yuan, with a land bank of only 1.291 million square meters [4]