Shaanxi Coal Chemical International Logistics Co., Ltd. applied for bankruptcy and reorganization of Tianjin Property Group Co., Ltd. on the grounds that Tianjin Property Group Co., Ltd. could not pay off its debts due and obviously lacked solvency.
Tianjin Products Group Co., Ltd. (formerly Tianjin Materials Group Company) is the largest state-owned means of production circulation enterprise in Tianjin, with a registered capital of 2.46 billion yuan, total assets of 86.4 billion yuan, 309 enterprises and more than 6,600 employees.