The bankruptcy reorganization plan for Jinke Property, involving debt totaling 147 billion yuan and over 8,400 creditors, has entered its final phase.
On September 27, Jinke Property disclosed that it signed a bankruptcy reorganization special service trust contract with CITIC Trust. Meanwhile, with the formal transfer of 5.294 billion newly issued shares, the industrial investor Shanghai Pinqi consortium officially took control. This marks the end of founder Huang Hongyun's 27-year reign, as the company enters a new phase with "no actual controller," making it the first A-share listed property company to complete bankruptcy reorganization in 2025.
The successful reorganization has provided Jinke Property with breathing room. However, the more challenging task ahead is how to revitalize massive existing assets, improve cash flow, and achieve genuine business transformation under new shareholders' leadership.
**Reorganization Plan Implemented, Control Changes Hands**
According to the September 27 announcement, Jinke Property and Chongqing Jinke respectively signed bankruptcy reorganization special service trust contracts and related documents with CITIC Trust, marking the entry of Jinke Property's reorganization plan into its final execution phase.
Under the reorganization plan, equity stakes in most subsidiaries of Jinke Property and Chongqing Jinke will be divested to the bankruptcy service trust for settling related general creditor claims. Upon completion of equity transfer, these subsidiaries will no longer be included in Jinke Property's consolidated financial statements. The reorganization plan will be formally completed once the trust plan is established and cash debt resources are fully distributed.
Accordingly, Jinke Property will become the first A-share listed property company to complete bankruptcy reorganization in 2025. According to public information, Jinke Property and its subsidiary Chongqing Jinke have total debts of 147 billion yuan involving over 8,400 creditors.
A core measure of this reorganization is the conversion of capital reserves to share capital. According to the reorganization plan, Jinke Property implemented capital reserve conversion based on 5.294 billion shares, converting at a ratio of 10 new shares for every 10 existing shares, bringing total share capital to 10.634 billion shares. The converted shares are used to introduce strategic investors and settle debts, with 3 billion shares for introducing reorganization investors and 2.294 billion shares for settling general creditor claims.
On September 23, Jinke Property announced the formal implementation of the 5.294 billion share conversion plan. Completion of the share conversion directly led to control transfer. As the industrial investor in this reorganization, Shanghai Pinqi consortium designated its controlled partnership entities Jingyu Xingzhu and Jingyu Xingcan to receive approximately 993 million converted shares, representing 9.34% of the company's post-conversion total share capital, becoming Jinke Property's new largest shareholder. Meanwhile, original actual controller Huang Hongyun and his acting-in-concert parties saw their shareholding ratio severely diluted due to the significant increase in total share capital, dropping from approximately 14.51% before reorganization to about 7.28%.
The control change will also be reflected at the governance level. According to the signed "Reorganization Investment Industrial Investment Agreement," Shanghai Pinqi consortium has the right to nominate 7 director candidates (including independent directors). Once the restructuring is completed, the company's controlling shareholders will officially change to Jingyu Xingzhu and Jingyu Xingcan.
Subsequently, Jinke Property will initiate board of directors re-election work. After board re-election completion, the company's controlling shareholders will change from Jinke Holdings to Jingyu Xingzhu and Jingyu Xingcan, while the actual controller will change from Huang Hongyun to no actual controller.
Regarding this, Jinke Property stated that this control change will not affect normal operations. The new leading party has committed to promoting Jinke Property's transformation from a traditional developer to a comprehensive real estate operator around "efficient operations, lean management, and technological innovation," while working to optimize corporate governance structure to enhance profitability and asset value.
**From Control Battles to Debt Crisis**
Public information shows that Jinke Property was established in 1998, went public through reverse merger in 2011, achieved sales breakthrough of 100 billion yuan in 2018, and once joined the "200 billion yuan annual sales camp" in 2020. Since the company's establishment, Huang Hongyun controlled Jinke Property for 27 years, during which he experienced multiple control battles.
As early as 2016, Sunac China Chairman Sun Hongbin once increased his holdings in Jinke Property to 29.35%. Huang Hongyun urgently formed an acting-in-concert agreement with his ex-wife Tao Hongxia and daughter Huang Sishi, maintaining control by a narrow margin. Subsequently, both parties engaged in several rounds of control "tug-of-war," with Huang Hongyun repeatedly stating publicly that he would not give up company control. It wasn't until 2020, when Sun Hongbin significantly reduced his holdings and exited, that the control battle ended. After Huang Hongyun had conflicts with ex-wife Tao Hongxia and dissolved their acting-in-concert relationship, to consolidate control, Huang Hongyun successively formed acting-in-concert relationships with Che Jianxing of Red Star Furniture Group and Feng Guo of Oriental Yinyuan.
However, continuous expansion combined with industry environment changes ultimately led to a debt crisis. At the end of 2022, a bond with outstanding scale of approximately $325 million defaulted, officially marking Jinke Property's crisis as it fell into debt difficulties. On April 24, 2024, Jinke Property was subject to delisting risk warning due to triggering relevant financial delisting risk warning conditions, with its stock name changed to "*ST Jinke."
In recent years, affected by multiple factors including liquidity difficulties and industry environment, Jinke Property fell into operational difficulties. According to its 2025 interim report, first-half revenue was only 2.363 billion yuan, down 85.28% year-on-year; net profit attributable to listed company shareholders showed a loss of 7.523 billion yuan; net assets attributable to listed company shareholders were -36.224 billion yuan, down 26.29% from year-end.
As of the first half of 2025, Jinke Property had total assets of 175.749 billion yuan and total liabilities of 200.604 billion yuan; the company's year-end monetary fund book balance was 3.796 billion yuan, with total principal of interest-bearing debt at 69.654 billion yuan, and overdue unpaid interest-bearing debt principal totaling 51.741 billion yuan. It not only faces enormous debt repayment pressure but also needs to reverse its insolvent situation.
**Gaining Breathing Room, Challenges Still Remain**
In fact, facing the liquidity crisis, Huang Hongyun, who once declared he "regarded Jinke Property as life," had to give up his actual controller status. According to Jinke Property's past announcements, most shares held by the company's controlling shareholder and actual controller were pledged and frozen. If related disputes cannot be properly resolved, there may be risks of passive reduction or forced disposal of held shares, potentially leading to control changes.
At the 2024 online performance briefing, Jinke Property management stated that only through reorganization and strategic investment introduction could debt risks be fundamentally resolved, balance sheets repaired, and business and revenue cycles restored to health.
Li Gen, CEO of Pinqi Asset Management, the industrial investor for Jinke, previously stated that after reorganization, the company's total shares expanded, but the company's listing status was guaranteed. This aligns with the opinions of small and medium shareholders, maintaining the listed company's main status, which is also an important foundation for protecting small and medium shareholders' interests.
From the current perspective, after subsequent trust plan establishment and cash debt settlement completion, this former 100-billion-yuan property company will officially enter a new phase without the "Huang Hongyun" label. The successful reorganization has provided Jinke Property with breathing room and made it the first A-share listed property company to complete bankruptcy reorganization in 2025, providing a referenceable model for other property companies in difficulty.
However, industry insiders point out that successfully introducing strategic investors is only the first step in "stopping the bleeding." How to revitalize massive existing assets, improve cash flow, restore market confidence, and achieve genuine business transformation under new shareholders' leadership will be a more challenging task facing Jinke Property.