Crystal Jade holding companies in S’pore, Hong Kong placed under receivership

The group has about 13 outlets in operation here, as listed on its website.

ST PHOTO: LIM YAOHUI

Published Sep 30, 2026, 12:07 PM

Updated Sep 30, 2026, 04:43 PM

SINGAPORE – The holding companies of restaurant group Crystal Jade’s operations in Singapore and Hong Kong have been placed under receivership, with advisory firm Kroll reviewing the group’s financial and operational affairs.

Receivership generally involves an independent party being appointed to take control of some or all of a company’s assets, typically when it is unable to meet its financial obligations.

Kroll said on Sept 30 that its representatives have been appointed as receivers over Singapore-incorporated Crystal Jade Culinary Concepts Holding and Hong Kong-incorporated Crystal Jade Culinary Concepts Holding (Great China).

“The representatives are undertaking a review of the group’s financial and operational affairs, including assessing strategic options available for its portfolio of brands, restaurants and businesses with a view to stabilise the business and preserve value,” said Kroll.

“Stakeholders will be engaged regarding potential restructuring as and when appropriate.”

Crystal Jade’s current shareholders include entities by Affirma Capital and L Capital Asia, which is the Asian private equity arm backed by luxury conglomerate LVMH.

ST understands that the receivership is part of a process to facilitate L Capital Asia’s eventual exit from Crystal Jade, though it is unclear why receivership was chosen as part of the exit process.

In Singapore, the group recently closed its outlets at The Clementi Mall, Jurong Point and Great World, bringing the home-grown Chinese restaurant group’s total number of shuttered outlets in 2026 to five.

The group has 13 outlets in operation here, as listed on its website.

One of its entities, Crystal Jade Fine Dining, was recently charged for failing to submit its complete income tax return on time without a reasonable excuse, which is an offence under the Income Tax Act.

Kroll added that key members of Crystal Jade’s management team will continue to oversee the group’s restaurant operations.

In response to queries from The Straits Times, the Kroll representatives confirmed that “it is not a closure of the business, and Crystal Jade is not exiting the food and beverage market”.

Similarly, a Crystal Jade spokesperson told ST that “customers can continue to enjoy the same quality, service and dining experience at Crystal Jade restaurants”.

“Throughout this period, the group remains committed to ensuring smooth continuity of service to its customers, while preserving Crystal Jade’s brand and its value,” he added.

When ST visited Crystal Jade’s Takashimaya outlet just after 2pm on Sept 30, diners were seen having lunch as usual. Staff at the outlet said it was expected to remain open, but did not provide further details.

One diner, who declined to be named, said she was there for the restaurant’s 35 per cent off “tea-time special” and had not visited in some time.

She said the news of the receivership did not affect her view of the restaurant, adding that she would return if the promotion continued.

Food and beverage sector

该集团在其网站上列出了这里大约有 13 家门店。

ST 照片：林耀辉

发布于 2026 年 9 月 30 日下午 12:07

更新于2026年9月30日下午4:43

新加坡——餐饮集团翡翠在新加坡和香港的控股公司已被接管，咨询公司 Kroll 正在审查该集团的财务和运营事务。

接管通常是指指定一名独立第三方来控制公司的部分或全部资产，通常是在公司无法履行其财务义务时。

Kroll 于 9 月 30 日表示，其代表已被指定为新加坡注册成立的翡翠餐饮概念控股有限公司和香港注册成立的翡翠餐饮概念控股有限公司（大中华区）的接管人。

克罗尔表示：“代表们正在对集团的财务和运营事务进行审查，包括评估其品牌、餐厅和业务组合的战略选择，以期稳定业务并保值。”

“我们将在适当的时候与利益相关者就潜在的重组事宜进行沟通。”

翡翠目前的股东包括 Affirma Capital 和 L Capital Asia 等实体，L Capital Asia 是奢侈品集团 LVMH 支持的亚洲私募股权部门。

ST 了解到，接管是 L Capital Asia 最终退出翡翠集团流程的一部分，但目前尚不清楚为什么选择接管作为退出流程的一部分。

在新加坡，该集团最近关闭了位于金文泰购物中心、裕廊坊和伟乐坊的门店，使得这家本土中餐馆集团到 2026 年关闭的门店总数达到五家。

该集团在此地经营着 13 家门店，详情请见其官网。

其旗下的一家公司 Crystal Jade Fine Dining 最近被指控未按时提交完整的所得税申报表，且没有合理的理由，这违反了所得税法。

克罗尔补充说，翡翠酒店管理团队的关键成员将继续监督集团的餐厅运营。

针对《海峡时报》的询问，Kroll 的代表证实“这并非关停，翡翠酒家也不会退出餐饮市场”。

同样，翡翠餐饮集团的一位发言人告诉《海峡时报》，“顾客可以在翡翠餐厅继续享受同样的品质、服务和用餐体验”。

“在此期间，集团将继续致力于确保为客户提供流畅连续的服务，同时维护翡翠集团的品牌及其价值，”他补充道。

9月30日下午2点刚过，《海峡时报》记者走访了翡翠餐厅位于高岛屋的分店，发现顾客们照常用餐。店内工作人员表示餐厅预计会继续营业，但未提供更多细节。

一位不愿透露姓名的食客表示，她是来享受餐厅35%折扣的“下午茶特价”的，而且已经有一段时间没来过了。

她说，餐厅被接管的消息并没有影响她对餐厅的看法，并补充说，如果促销活动继续下去，她还会再来。

食品饮料行业