Guangzhou R&F Properties resumes trading, reports mixed results on debt restructuring

Guangzhou R&F Properties Co. Ltd. is resuming trading of its corporate bonds, including H16RF4, H16RF5, H18RF8, H18RF1, and H19RF2, on 16 December 2025, after a suspension period from 22 August 2025. This follows bondholders' meetings held between September and December 2025 to review debt restructuring proposals. While the proposal for H16RF4 was approved, enabling early redemption for consenting bondholders (0.2% of holdings), proposals for H16RF5, H16RF6, H18RF8, H18RF1, and H19RF2 did not receive sufficient consent. The next redemption date for H16RF5, H18RF8, and H18RF1 has been extended to 16 February 2026.

During the suspension, the company continued its offshore debt restructuring, with approximately 77% of in-scope debt acceding to the restructuring support agreement by 28 November 2025. The accession deadline was extended to 12 December 2025. However, Guangzhou R&F also reported 25 new cases of dishonest persons, totaling 71m yuan, and faced significant litigation, including a private loan dispute for 1.89bn yuan and another for 548.59m yuan, both in first-instance trial processes.

Furthermore, an auction of a five-star hotel property concluded at 513.81m yuan, while an auction for land use rights and buildings in Shanghai with a starting price of 1.22bn yuan failed. The company also disclosed its failure to make timely payments on the 1bn yuan Targeted Debt Financing Instrument (20RFPropertiesPPN001) with a bond balance of 994.57m yuan and a total principal and interest payment of 1.13bn yuan due.