China Fortune Land Development Collaborating with Provisional Administrator on Pre-Reorganization

Deep News11-24

On November 24, Feng Nianyi, a director of China Fortune Land Development Co., Ltd. (CFLD), stated that the Langfang Intermediate Court has accepted the company's pre-reorganization application and appointed the CFLD Judicial Reorganization and Liquidation Group as the provisional administrator during this period. The provisional administrator is responsible for investigating the debtor's basic situation, assets, and liabilities. Currently, the company is cooperating with all necessary tasks to ensure the smooth progress of the pre-reorganization process. However, there is no legal obligation to cooperate with the financial creditors' committee for separate financial due diligence.

On November 21, the creditors' committee of CFLD approved a proposal authorizing Ping An Asset Management, as the chair unit, to hire an accounting firm from the Big Four to conduct a specialized financial due diligence on CFLD's financial status in the name of the creditors' committee.

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