Xinglong Family: 31 years, 92 companies — restructuring approved, assets never sold

Xinglong Family Commercial Group (兴隆大家庭商业集团) was a well-known private retail enterprise in Liaoning province, operating department stores and supermarkets across 92 affiliated companies with commercial properties in Shenyang, Jinzhou, Chaoyang and other cities. It was a representative of traditional retail in northeast China for approximately 31 years.

In 2019, Xinglong Family entered bankruptcy proceedings. On December 24, 2021, the Shenyang Intermediate People's Court approved a substantive consolidated restructuring plan covering all 92 companies — meaning the court believed they could be saved. But the restructuring required asset disposal to repay debts, and northeast China's commercial real estate market, squeezed by e-commerce and population outflow, found no buyers.

On November 1, 2024, the court ruled to terminate the restructuring plan and declared all 92 companies bankrupt. From restructuring approval to bankruptcy declaration, three years proved one thing: when assets lose their value, legal procedures can delay the outcome but cannot change it.