When facing pressure in the Chinese real estate industry, Guangdong Aidway Construction (Group) Co., Ltd. has applied for bankruptcy with Shenzhen Court because of unable to repay debts.
According to the Wall Street Journal, the Aidwei Construction Group issued a announcement on Monday (September 25) that the company submitted an application to the Shenzhen Intermediate Court to seek reorganization to reduce debt and improve improvementManagement.The company's Hong Kong stocks are still suspended.
Aidweei Construction Group provides indoor and outdoor decoration and design services. It is the latest company that is influenced by the weakness of the Chinese real estate industry.The weakness of China's real estate industry has dragged down this world's second largest economy.
As of the end of May, the debt of Aide Weili Construction Group was RMB 6685.3 billion (about S $ 125 million).The debt reorganization plan includes the sale of overseas assets.
Aidwei Construction Group said in the announcement: "The Board believes that the company has many high -quality assets and enjoys high brand value in the industry.The license has the value of reorganization. "
But Aidweei Construction Group said that it is not yet certain whether the court will accept its bankruptcy and reorganization application.
On the other hand, the Pan -Holdings of Real Estate Investment Corporation also called it on Monday. A Bermuda Court has ordered the company to liquidate the company and has appointed a joint temporary liquidator.
