The first sale-based bankruptcy restructuring case in Guangzhou and one of Guangdong’s Top Ten Bankruptcy Cases in 2023. Through innovative transaction structuring, nearly RMB 10 billion of non-performing claims were resolved within six months, revitalizing 101 mu of prime industrial land. Adopting an “industry-driven + park upgrading” model, the project attracted leading new energy vehicle companies such as Xiaomi Auto, Tesla, and Leapmotor, along with over 50 renowned technology enterprises, establishing a modern industrial operation system.

Through multi-party collaboration, the case achieved a win-win outcome for creditors, investors, and regional development, serving as a successful model of “industrial upgrading and value reconstruction” in GR’s special situations investment practice.

GR’s first judicial auction turnaround project, acquired for approximately RMB 967 million from a stalled development with a total GFA of about 160,000 sqm. Through comprehensive refurbishment and product upgrading, the project introduced a series of market-leading specifications that filled gaps in the regional offering, establishing itself as a benchmark for aesthetic residential developments in the Economic Development Zone and ranking among the top three in sales in both Changzhou and the zone over the long term. Phase I has now been delivered with high quality as scheduled, realizing asset revitalization and value crystallization.

The successful restructuring has played a significant role in reactivating regional land value, restoring market confidence, and safeguarding public interests, fully demonstrating GR’s end-to-end execution capabilities and strong integrated strength in non-performing asset resolution.

Acquired through a combination of proprietary capital and judicial auction, the project revitalized a former high-profile site in Wenling, Zhejiang, achieving full asset recovery. Leveraging extensive industry experience and strong brand capability, the project was comprehensively re-planned and redesigned, with significant enhancement to product quality, transforming a distressed asset into a “Shanghai-style refined luxury” residential development. The on-site show area was unveiled in October 2025.

The project effectively resolved financial institutions’ non-performing claims, assisted the local government in addressing stalled developments, safeguarded homebuyers’ interests, and achieved a multi-party win for creditors, government, and the market, demonstrating GR’s professional expertise in special situations investment.

In partnership with Yuecai Asset Management, GR carried out a debt restructuring of the “Dongfang Runyuan” project in Zhuhai, with a total relief amount of RMB 124 million. Through precise capital operations, the debt crisis was resolved, normal operations were restored, and fully fitted residential units were delivered on schedule.

After assisting financial institutions in disposing of non-performing assets and protecting homeowners’ interests, the project achieved a successful exit, showcasing GR’s full-cycle capabilities in “investment, turnaround, and exit” within special situations investing.

GR’s first light-asset pre-development advisory and management case. Through in-depth services including the removal of major safety risks, optimization of tenant mix, activation of idle space, and re-planning and redesign, approximately 300,000 sqm of prime assets were revitalized. The project is expected to increase exit returns by about RMB 140 million and annual operating income by RMB 112 million.

Achieving high value creation under a low-risk model, this case highlights GR’s professional strength and value-enhancement capabilities in entrusted asset management.

GR’s first full-process “entrusted management, construction, and sales” project, which earned partner trust through the dual strengths of brand and professional expertise, delivering integrated financial and industrial services. Through systematic operations by a dedicated team, approximately 1.5 million sqm of residential assets were revitalized and long-standing issues efficiently resolved. In March 2025, nearly 1,000 units were delivered in the first batch, setting a local record in Xiangtan, Hunan, for “simultaneous handover of homes and property titles.” The project also saved partners about RMB 13 million in costs and assisted in securing land titles for 318 mu of undeveloped land, fully demonstrating the soundness of GR’s solutions and the reliability of its delivery in entrusted asset management.