Guangzhou R&F Properties' net loss widens to RMB4.082 bn in first half

Guangzhou R&F Properties Co., Ltd. reported a net loss of RMB4.082 billion for the six months ended June 30, 2025, an increase from the RMB2.331 billion net loss in the corresponding period of 2024. Revenue from property development decreased by 60% to RMB4.165 billion, with the overall average selling price falling to RMB9,000 per sq.m. Rental income from property investment also declined by 26% to RMB313 million, and hotel operations revenue dropped by 70% to RMB827 million.

The Group's total contracted sales for the first half of 2025 were approximately RMB7.3 billion, with 753,500 sq.m. sold. As of June 30, 2025, total land bank was approximately 48,037,000 sq.m. in GFA. Total cash and bank balances, including restricted cash, stood at RMB3.51 billion, while total borrowings increased to RMB104.52 billion from RMB103.02 billion at year-end 2024. The gearing ratio rose to 408% from 348%.

The interim report highlights that the Group continues to engage with financial advisors and investors to develop a restructuring plan for onshore and offshore debt. The board has not declared an interim dividend for the period.