Guo Yingcheng, chairman of China Real Estate's Jiazhaoye Group, who has been in a debt crisis, has reportedly returned from Hong Kong to mainland China and negotiated with creditors in Shenzhen to seek supervisors as the group's debt restructuring plan to turn on a green light.
According to Reuters on Wednesday (June 19), two people familiar with the matter reported that Guo Yingcheng, the founder and chairman of Jiazhaoye Group, had returned from Hong Kong to Shenzhen, where the group headquarters was located from Hong Kong about two months ago.Institutional officials met.
People familiar with the matter said that this is an important step in debt restructuring. "He is willing to go back to solve the problem. This is a good thing."
A person familiar with the matter revealed that when it was close to reaching a reorganization agreement with the bond holder, Guo Yingcheng had discussed the debt restructuring plan with a government committee and a coastal regulatory agency in Shenzhen.Guo Yingcheng was not detained and walked freely in Shenzhen.
Two people familiar with the matter said that this is the first time that Guo Yingcheng has returned to mainland China in the past 10 years. Since 2015, Guo Yingcheng has been avoided in mainland China.
Comprehensive Chinese media reports, Guo Yingcheng involved a case of corruption of Jiang Zunyu, the secretary of the Shenzhen Luo Ma Political and Legal Committee in 2014.In December of the same year, the Shenzhen Municipal Government stopped all the local businesses in the local area and thousands of houses in Shenzhen were also locked. Jiazhaoye immediately became the first real estate company in US dollar bonds.
Although Jiazhaoye completed its first debt reorganization in 2016, as the Chinese real estate industry fell into a debt crisis, Jiazhaoye's debt broke the contract again at the end of 2021 due to failure to repay $ 12 billion (S $ 16.2 billion) of debt, and after going throughTwo years of debt restructuring.
The Hong Kong Court has ordered Jiazhaoye Group to liquidate in January this year, but the liquidation hearing has been delayed many times. It is currently scheduled to be held on June 24.
Citi International was designated by a group of bond holders in March this year, replacing Bloede Peak Investment Consulting Co., Ltd. as a clearance person at Jiazhaoye Group.Citi International will make a liquidation of liquidation of Jiazhaoye's bond default last year, involving a amount of $ 750 million.
