Hangzhou Gold Star Property Development Co Ltd has applied for bankruptcy to the People's Court of Yuhang district of Hangzhou, Zhejiang province.

Suffering from a cash strain, the property developer postponed delivery of the first batch of residential buildings at the Time Garden project at the end of 2011.

As construction of the Time Garden project comes to a halt at present, delivery of another two batches of residential buildings may also be postponed, which would prevent hundreds of home owners from getting the keys to their apartments.

A staff member stands at the office door of Hangzhou Gold Star Property Developer in Hangzhou, Zhejiang province, April 10, 2012. [Photo / Xinhua]