Chongqing Sincere Yuanchuang Industrial Co, a cash-strapped Chinese developer owned by Singapore’s richest property family, may undergo a court-led restructuring after a bankruptcy application was filed against it, according to people familiar with the matter.

Sincere Property Holdings, the second-largest shareholder of Chongqing Sincere, is preparing to work with stakeholders and creditors on a restructuring of the builder, said the people, asking not to be identified discussing private information. Singapore’s City Developments, owned by the billionaire Kwek family, has a 51% stake in the developer.

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