Real Estate Giant Greenfield Holdings Group’s Suzhou Project Company, Suzhou Green Stand Real Estate Co., Ltd., has recently entered bankruptcy proceedings. As of February 2026, six subsidiary companies under Greenfield Holdings Group have entered bankruptcy procedures.
Public business data shows that Suzhou Green Stand Real Estate Co., Ltd. was established in May 2020 as a project development company under Greenfield Holdings Group. Its main development project is the “Yueliyunting” residential complex located in Wujiang Taihu New Town, with 826 housing units planned.
The development of this project coincided with a deep downturn in the Chinese real estate industry. Previously, the project experienced delays in delivery and started the delivery process at the end of September 2023.
According to public information, by the end of 2025, several individuals with disputes over sales contracts for commercial housing with Suzhou Green Stand Real Estate applied to the court for bankruptcy liquidation of the company, citing the company’s inability to repay debts due to insolvency. The court subsequently initiated relevant procedures and issued a notice appointing a bankruptcy administrator.
The Wujiang District Court in Suzhou issued an invitation letter to appoint a bankruptcy administrator in December 2025, marking the formal initiation of the company’s bankruptcy liquidation process.
Currently, the case is still in the stage of bankruptcy legal proceedings.
Apart from Suzhou Green Stand Real Estate, several project companies in the Suzhou area under the Greenfield Group have also entered bankruptcy or been subject to bankruptcy proceedings:
– Wujiang Shenying Real Estate Development Co., Ltd. (developing “Shengze Lincoln Mansion”)
Applied for bankruptcy in July 2025.
– Suzhou Green Clear Real Estate Co., Ltd. (developing “Jiangnan Yingyue Huayuan”)
Also applied for bankruptcy in July 2025.
– Greenfield Group Foshan Chancheng Real Estate Co., Ltd. (bankruptcy and settlement)
The court officially accepted the bankruptcy and settlement case of the company in January this year, with creditors’ claims deadline set for February 9.
This company is a wholly-owned subsidiary of Greenfield Holdings. Its core assets include a commercial complex located on Jihua Road in Chancheng District, Foshan City, with approximately 95,343 square meters of unsold real estate, valued at about 720 million yuan. In terms of liabilities, the company declared total debts of about 550 million yuan, with 57 unresolved enforcement cases involving approximately 170 million yuan in principal. The company has long been facing serious legal risks, with a total of 271 judicial cases.
The bankruptcy was mainly due to the overall difficulties facing the parent company, Greenfield Holdings. Greenfield Holdings is expected to incur losses of 16 billion to 19 billion yuan in 2025. As of January 22, 2026, the overdue debts of Greenfield Holdings and its subsidiary companies amounted to 23.977 billion yuan. Furthermore, the project itself faced pressures such as high commercial real estate inventory and decreased funding synergy capability following equity adjustments in 2021 (Greenfield’s Hong Kong stake decreased from 50% to 23%).
– Greenfield Group Xi’an Hujing Real Estate Co., Ltd. (bankruptcy liquidation)
This company is 100% owned by Greenfield Holdings Group. According to the bankruptcy application, Greenfield Hujing was ordered by the court to pay a penalty of 1.32 million yuan for late delivery, resulting in the debtor applying for bankruptcy for debt repayment. At the time, the company had 8 enforcement cases, 52 historical enforcement cases, 4 cases of high-consumption restrictions, was listed as a dishonest debtor twice, and the amount involved in enforcement cases was approximately 25.62 million yuan.
Project developments by this company include Greenfield International Eco City, among others. The bankruptcy application due to the 1.32 million yuan penalty indicates the company’s financial situation is not ordinary. Some homeowners have reported that since the delivery in November 2020, they have not received refunds for differences in area sizes, and the developer has already gone bankrupt.
– Shanghai Greenfield Construction Co., Ltd. (bankruptcy liquidation)
This company is a large comprehensive construction enterprise belonging to the Greenfield Group. The company had previously been subject to multiple bankruptcy inspections, with several debtors and consumption restrictions. As part of Greenfield’s “two-pronged” strategy apart from real estate, its core enterprise in construction businesses entering bankruptcy proceedings signifies the severe difficulties faced by the Greenfield Group.
In recent years, the Chinese real estate industry has been undergoing continuous adjustments. Since 2021, due to tightened financing conditions, declining sales, and the impact of deleveraging policies, some real estate companies have faced increased financial pressure. Against this backdrop, the number of project companies undergoing restructuring or bankruptcy procedures has been on the rise.
The bankruptcies of the aforementioned Greenfield Group subsidiary companies are not isolated incidents but a direct reflection of Greenfield Holdings Group’s systemic financial crisis. According to the group’s financial reports, Greenfield Holdings has incurred losses for three consecutive years: 95.56 billion yuan in 2023, 155.52 billion yuan in 2024, and an expected loss of 16 billion to 19 billion yuan in 2025. As of the end of September 2025, the company’s total liabilities amounted to 943.1 billion yuan, with a debt-to-asset ratio climbing to 89.52%, while its cash and cash equivalents were only 21.426 billion yuan during the same period.
Regarding debts, as of January 22, 2026, the overdue debts of Greenfield Holdings and its subsidiary companies totaled 23.977 billion yuan. Legal pressures are also significant, with the company and its controlling subsidiaries facing 2,452 new lawsuits between December 28 and January 22, with a cumulative amount of 6.986 billion yuan.
Industry experts point out that following developers’ entry into bankruptcy proceedings, issues related to house quality warranties, property rights certificates processing, contract disputes resolution, and more may arise.