Jinke Property to auction stake in Jinke Smart Services

Jinke Property Group (SZSE: 000656) will auction 107,797,875 shares of its stake in Jinke Smart Services on the Taobao online platform. The auction aims to facilitate Jinke Property's ongoing judicial restructuring and protect creditor interests. The shares, currently pledged to Broad Gongga Investment Pte. Ltd., are Hong Kong-listed (stock code: 299922). The starting bid is set at RMB 1,100,939,697.38, based on an independent appraisal of RMB 10.21 per share. The auction is scheduled from February 28, 2025, to March 1, 2025. While this move supports Jinke Property's restructuring, the company cautions that the auction's completion remains uncertain.