Latest Announcement! Regarding the Bankruptcy Reorganization of a Real Estate Company in Cangzhou

Cangzhou R&F City Real Estate Development Co., Ltd. Liquidation Group Announcement on Selecting Social Intermediary Institutions through Competitive Means

In accordance with the Enterprise Bankruptcy Law of the People’s Republic of China and other relevant laws and regulations, Cangzhou R&F City Real Estate Development Co., Ltd. is proposed to be subject to bankruptcy reorganization. The liquidation group of Cangzhou R&F City Real Estate Development Co., Ltd. (hereinafter referred to as the “liquidation group”) has now decided to adopt competitive means to select, on a best-available basis, social intermediary institutions to serve as members of the liquidation group of Cangzhou R&F City Real Estate Development Co., Ltd. Relevant matters are hereby announced as follows:

I. Basic Information About the Enterprise

Cangzhou R&F City Real Estate Development Co., Ltd. was established on April 1, 2019. Its Unified Social Credit Code is 91130903MA0DCF7L1X. Registered capital is RMB 30 million. The shareholder is Tianjin R&F City Real Estate Development Co., Ltd., holding 100% equity. The legal representative is Liu Zhengguo. The registered address is Unit 206, Building 1, Fuli Shengyueju, on the east side of Yong’an Avenue and the north side of Bohai Road, Canal District, Cangzhou. The registration authority is the Market Supervision Administration of the Canal District, Cangzhou. The business scope is real estate development and operations.

The “Fuli Shengyueju” project developed and constructed by Cangzhou R&F City Real Estate Development Co., Ltd. is located on Bohai West Road in Xiaowangzhuang Town, Canal District, Cangzhou. Construction commenced in November 2019. The planned land area is 107.29 mu, and the planned total gross floor area is 140,980.79 square meters. The floor area of the buildings is 136,313.18 square meters. There are 21 residential buildings, with the maximum number of floors being 11; 1,172 units covering 121,992.7 square meters. There are 4 public buildings: supporting facilities 1, supporting facilities 2, a kindergarten, and a police station. Among them, Building 1#-13# and Buildings 16-20#楼、公建、配建、派出所已经全部交付使用，21# obtained pre-sale permits in June 2023, but were not yet completed and have been sealed/impounded. Building 14#、15#, the kindergarten, and the surrounding underground parking garage have not been completed, and the car park in the east area has not been delivered for use.

II. Application Requirements

1. The applicant institution must be an entity included in the list of first-tier administrators in the bankruptcy administrator roster of the Hebei Provincial Higher People’s Court.

2. The applicant institution and the head of its team must have relevant experience in administering bankruptcy liquidation, reorganization, and composition (or settlement) cases involving real estate enterprises (as determined by completion of execution of the reorganization plan).

3. The applicant institution may dispatch a team of not fewer than 15 people, among whom the number of professional practitioners must be at least 10. Other staff in the team should also have experience in bankruptcy-related work.

4. Given the actual needs of the project reorganization work, the applicant institution must have a fixed office location in Canal District, Cangzhou.

5. The applicant institution has participated in practice liability insurance during the current year.

6. Under the remuneration calculation standards set out in Article 2 of the Provisions of the Supreme People’s Court on Determining Administrator Remuneration in Enterprise Bankruptcy Cases, the intermediary institution’s remuneration proposal will be reduced by 30%.

7. The applicant institution and its personnel must not fall under any circumstances in which they are prohibited from or deemed unsuitable to serve as administrators, as provided in Article 24 of the Enterprise Bankruptcy Law of the People’s Republic of China and Articles 9, 23, and 24 of the Provisions of the Supreme People’s Court on Designating Administrators for Enterprise Bankruptcy Cases.

8. Within the past 3 years, the applicant institution and its practitioners must have no adverse records such as illegal violations or discipline-related misconduct.

9. The applicant institution is required to provide Cangzhou R&F City Real Estate Development Co., Ltd. with a common-benefit debt loan of no less than RMB 30 million, and must provide a written commitment letter for the common-benefit debt loan on the application date.

10. The applicant institution is required to provide, for this case, a prospective investor, based on the prospective investor’s intention investment commitment letter submitted on the application date.

III. Application Method

Before the expiration of the application period, the applicant institution shall submit a written application to the liquidation group (3 paper copies) and the certificates and materials corresponding to the content of the application. The application should include a table of contents and categorize and code the content. The application shall include the following:

1. Basic information of the applicant institution, including its establishment time, scale, and whether it is included in the court’s administrator roster.

2. Handling of bankruptcy cases as administrator for real estate enterprises (including, but not limited to, serving as an administrator or a member of the liquidation group, whether the case has been concluded, and the method of conclusion, etc.; relevant data shall be based on the relevant legal documents of the people’s courts).

3. Basic information of the team leader and key personnel proposed to work as intermediary staff for this case (including, but not limited to, qualifications, years of practice, experience in handling bankruptcy cases of real estate-related enterprises, and whether any articles on corporate bankruptcy business have been published in public periodicals at the provincial or municipal level or above).

4. The work plan formulated by the applicant institution for this case, including organizational structure, division of responsibilities, work process, work plan, working approach, stability-maintenance contingency plan, constructive opinions, etc.

5. A bidding/remuneration quotation plan for the work compensation of the liquidation group member.

6. A commitment letter agreeing to provide Cangzhou R&F City Real Estate Development Co., Ltd. with a common-benefit debt loan of no less than RMB 30 million.

7. The prospective investor’s intention investment commitment letter.

IV. Evaluation Method

Pursuant to the first paragraph of Article 15 of the Provisions of the Supreme People’s Court on Designating Administrators for Enterprise Bankruptcy Cases, the liquidation group will evaluate the applications based on the materials submitted by each applicant institution, and will recommend one intermediary institution as a member of the liquidation group on a best-available basis. The intermediary institution should emphasize, in particular, the experience of this team in handling bankruptcy cases involving real estate enterprises, its understanding of bankrupt enterprises, its work plan, and the competitive selection advantages. If only one applicant institution has registered, no further selection will be organized, and it will be directly determined as a member of the liquidation group for this case.

V. Application Deadline and Method

The registration period ends at 17:00 on April 1, 2026. Applications submitted after the deadline may not participate in the evaluation.

Registration method: Only in-person registration or mail registration will be accepted; telephone, online, and other registration methods are not accepted. The applying unit shall seal the application materials (indicate the contact address and telephone number on the seal) and deliver or mail them to the liquidation group (Room 1822, Jianyе Building, Canal District, Cangzhou).

Contact person: Feng Jixing 0317—8698162/19833193600

Cangzhou R&F City Real Estate Development Co., Ltd. Liquidation Group

March 24, 2026

Source: Website of the Cangzhou Municipal Housing and Urban-Rural Development Bureau

[Source: Cangzhou Evening News]