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Court in Beijing Accepts Largest Bankruptcy Case
A court in Beijing accepted Tuesday a bankruptcy case worth 1.1 billion yuan, the largest of its kind in Beijing.
The Beijing No.1 Intermediate People's Court accepted the case lodged by the Beijing Office of China Huarong Asset Management Co. asking the court to declare Honggao Yuyuan Real Estate Co. bankrupt.
The real estate company is a Chinese and overseas-funded company, which owes 1.1 billion yuan in principal and interest to banks, far exceeding its assets.
At the request of Huarong, the real estate company's largest debtee, the court has seized the 94 villas and six cars owned by the company.
Huarong is an entirely State-owned financial company and the country's largest asset management corporation.
The application was also agreed to by four other debtees of the company, including the China Electronics Leasing Co., Beijing Commercial Bank, and the Beijing Office of China Cinda Asset Management Co.
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