The Guangzhou Intermediate Court ruled that it would not accept the bankruptcy liquidation application filed by Guangzhou Guangfeng Concrete Co., Ltd. and Guangdong Xiangzheng Commerce and Trade Co., Ltd. against Guangzhou Fuli Real Estate Co., Ltd. The ruling found that the 2021 and 2022 annual audit reports submitted by Fuli Company showed that the total assets of the company in 2022 totaled 113.779 billion yuan, and the total assets in 2021 totaled 117.047 billion yuan. At present, Fuli Company is operating normally and there is no evidence to prove that the company is insolvent. The evidence for the two companies to apply for bankruptcy liquidation of Fuli Company is insufficient, and the reasons are not valid, so it should not be accepted according to law.
On July 14, Fuli Real Estate issued its latest announcement.
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