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    2777   CNE100000569

GUANGZHOU R&F PROPERTIES CO., LTD.

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China's R&F Properties Hong Kong arm put in 'selective' default by S&P

01/13/2022 | 08:17am EST
The logo of developer R&F Properties is seen near its One Thames City construction site at Nine Elms, in London

LONDON (Reuters) - Chinese developer Guangzhou R&F Properties, which has a number of super-sized projects in global cities such as London, saw its Hong Kong offshoot declared in "selective default" on Thursday after it pushed through a bond payment delay.

Credit rating agency S&P Global took the step after the struggling firm got approval from lenders to delay a $725 million senior unsecured note payment that had been due on Thursday.

"We view the transaction as distressed restructuring tantamount to a default because R&F HK has insufficient resources and limited funding options to repay the maturing notes in whole in the absence of the transaction," S&P said.

"Also, investors are being paid less than originally promised due to the six-month maturity extension and the tender price being 17% below par for one of the offer options."

S&P said it was keeping the rating R&F's main parent company, Guangzhou R&F Properties Co. Ltd, unchanged at 'CC', because it was not a guarantor of the bond in question, although it warned it could cut it.

"We will further review the credit profiles of Guangzhou R&F and subsidiary R&F HK after we reassess the companies' financial and liquidity positions," S&P said.

"The group faces several hurdles to substantially improve its weak liquidity."

R&F is latest Chinese builder to be facing turmoil. The country's property market has been pushed into crisis by efforts to curb overborrowing and the woes of China Evergrande, the world's most indebted developer, which defaulted late last year.

R&F's struggles are being watched just as closely though in some of the global cities as it has a number of unfinished mega projects including one on the Thames in London which it bought for 59 million pounds ($80.96 million)in 2018 from another Chinese firm that was facing difficulties at the time.

($1 = 0.7288 pounds)

(Reporting by Marc Jones; Editing by Tomasz Janowski)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GUANGZHOU R&F PROPERTIES CO., LTD. 9.81% 3.47 End-of-day quote.19.66%
ON SEMICONDUCTOR CORPORATION -6.38% 59.01 Delayed Quote.-13.12%
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01/16Fitch Cuts R&F's Ratings to ‘Restricted Default' as Bondholders Accept Exchange O..
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01/13S&P Downgrades R&F's Hong Kong Unit to ‘Selective Default' as Bondholders Approve..
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01/13China's R&F Properties Hong Kong arm put in 'selective' default by S&P
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01/11China's R&F falls short of payment to creditors after avoiding $725-million default
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Financials
Sales 2021 92 282 M 14 549 M 14 549 M
Net income 2021 6 065 M 956 M 956 M
Net Debt 2021 109 B 17 228 M 17 228 M
P/E ratio 2021 1,78x
Yield 2021 12,3%
Capitalization 10 605 M 1 671 M 1 672 M
EV / Sales 2021 1,30x
EV / Sales 2022 1,13x
Nbr of Employees 35 832
Free-Float 95,6%
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Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 2,83 CNY
Average target price 4,49 CNY
Spread / Average Target 58,9%
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Managers and Directors
Li Zhang Co-Chairman & Chief Executive Officer
Ling Zhu Chief Financial Officer
Sze Lim Li Co-Chairman
Liang Nuan Chen Chairman-Supervisory Board
Er Cheng Zheng Independent Non-Executive Director