China’s No. 1 Renovation Brand Flees, Leaves Many Unfinished Works, Materials Market in Turmoil

China’s No. 1 Renovation Brand Flees, Leaves Many Unfinished Works, Materials Market in Turmoil

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Recently, a person from Zhengzhou posted on social media complaining that their house renovation was abruptly halted because the renovation company went bankrupt. She had paid 60% of the renovation deposit and, including material costs, had invested a total of 130,000 yuan. Now, due to the company's bankruptcy, the work has stopped. The foreman told her that they couldn't provide the materials anymore, so they had to stop the work. The designer said the company had been delaying salaries for several months, and they were planning to resign. The workers said they hadn't been paid either. The previously active renovation group chat has also gone silent.
What's even more unbelievable is that the bankrupt renovation company is not a small workshop but Dong Yi Ri Sheng, known as the "Aircraft Carrier of Home Renovation." Public information shows that Dong Yi Ri Sheng mainly engages in overall home renovation, engineering construction, primary material agency, and home furnishing services for individual customers. The company was established in November 1996 and was listed on the Shenzhen Stock Exchange in February 2014, known as the "first stock of home decoration." It was one of the first renovation companies listed on the stock exchange.

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