BEIJING Chongqing Sincere Yuanchuang Industrial, a cash-strapped Chinese developer owned by Singapore’s richest property family, may undergo a court-led restructuring after a bankruptcy application was filed against it, according to sources familiar with the matter.
Sincere Property Holdings, the second largest shareholder of Chongqing Sincere, is preparing to work with stakeholders and creditors on a restructuring of the builder, said the sources.
City Developments Limited (CDL), owned by the billionaire Kwek family, has a 51 per cent stake in the developer.
A Beijing-based creditor of Chongqing Sincere submitted a bankruptcy petition against the company to the No. 5 Intermediate People’s Court in Chongqing, according to a July 5 f…
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