Guangzhou R&F amends debt proposal, offers new creditor options

Guangzhou R&F Properties Co., Ltd. has amended its debt restructuring proposal for its In-Scope Debt following discussions with key creditors. The "Amended Term Sheet," agreed upon on 14 October 2025, introduces a new option for Scheme Creditors: newly issued ordinary shares of the company ("Shares") at an issue price of HK$7.5 per Share, allowing them to elect a portion of their Distribution Scheme Creditor Claim to be settled in shares. The original "Option 2" has been re-designated as "Option 3" and is now confirmed to be Senior Notes in a principal amount equal to 50% of the Distribution Scheme Creditor Claim.

The company believes these amendments, which incorporate key requirements from significant creditors, will improve its capital structure and benefit Scheme Creditors and other stakeholders. Over 50% of Scheme Creditors have already acceded or provided instructions to accede to the RSA. The Accession Deadline for creditors to accede to the Amended RSA and receive a Consent Fee remains 4:00 p.m. London time on 14 November 2025.

The Consent Fee offers two options: Consent Fee Option A, providing cash in the amount of 0.1% of the Scheme Creditor Principal Amount, or Consent Fee Option B, which offers US dollar denominated senior notes with a tenor of four years, totaling US$50.0m, subject to regulatory approvals.