China Aoyuan Group Limited or Aoyuan is a property developer headquartered in Guangzhou, Guangdong, China. It is engaged in property development, leasing, and hotel operations in Mainland China. It develops real estate properties in Chongqing, Shenyang, Yulin, Jiangxi, Qingyuan, and Guangzhou. Aoyuan's major shareholder, "Ace Rise Profits Limited", was incorporated in the British Virgin Islands. On January 21, 2022, Fitch Ratings downgraded China Aoyuan Group Ltd. to ‘Restricted Default’ after their announcement that it won’t make payments on a set of dollar bonds. On December 20, 2023, the China Aoyuan Group declared Chapter 15 bankruptcy. Wikipedia