Crystal Jade’s holding companies in Singapore and Hong Kong have been placed under receivership, following a year in which the home-grown Chinese restaurant group closed five outlets in Singapore.
Advisory firm Kroll said on Wednesday, 30 September, 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).
For customers wondering whether this means their next xiao long bao meal is cancelled, the answer for now is no. Crystal Jade’s restaurants are continuing to operate.
Kroll Reviewing Crystal Jade’s Finances and Options
Receivership generally involves an independent receiver being appointed to take control of certain company assets, often in connection with financial obligations.
Kroll said its representatives are now examining Crystal Jade’s financial and operational position, as well as possible strategic options for its restaurants, brands and other businesses.
The aim is to stabilise the business and preserve its value, according to Kroll. It added that stakeholders would be engaged over potential restructuring when appropriate.
This does not mean Crystal Jade’s restaurants have immediately shut down.
Kroll said key members of the existing management team would continue running the restaurant operations, and customers can continue dining at its restaurants.
Crystal Jade Has Closed 5 Singapore Outlets in 2026
The receivership comes after a string of closures in Singapore.
Crystal Jade closed outlets at Hillion Mall and Suntec City earlier this year. In September, it also shut outlets at The Clementi Mall, Jurong Point and Great World, taking the number of Singapore closures in 2026 to five.
When discussing its outlet closures previously, Crystal Jade said it regularly reviewed its network based on changing market conditions and its long-term priorities. It also said affected employees would be offered redeployment within its Singapore operations where possible.
Following the closures, the group has about 13 outlets operating in Singapore, according to its restaurant listings. Its current brands here include Crystal Jade Palace, Crystal Jade Golden Palace, Crystal Jade Hong Kong Kitchen, Crystal Jade La Mian Xiao Long Bao and CJ GO.
Its Crystal Jade Pavilion outlet at VivoCity is also listed as temporarily closed for renovation from 26 September.
Crystal Jade Was Founded in Singapore in 1991
Crystal Jade was founded in Singapore in 1991 and grew from a local Chinese restaurant business into a regional F&B group.
In 2014, L Capital Asia, now known as L Catterton Asia, acquired a majority stake in Crystal Jade. L Catterton’s investors include luxury group LVMH.
At its peak, Crystal Jade had a considerably larger presence in Singapore and overseas. In 2015, the group had around 120 restaurants worldwide, including 47 in Singapore.
For now, the receivership review is ongoing and no further restructuring plan has been announced. Crystal Jade’s restaurants remain in operation while Kroll assesses the group’s financial position and its options.
