Guangzhou R&F Properties Co., Ltd. (“R&F Properties”) has released its quarterly progress report (covering 1 April – 30 June 2026) on the action plan aimed at removing the auditor’s disclaimer of opinion on its FY 2024 and FY 2025 consolidated financial statements.
Offshore debt restructuring advances • Scheme creditors holding more than 77 % of the outstanding principal of the in-scope offshore debt—including the 6.5 % Cash / 7.5 % PIK senior notes due 2025, 2027 and 2028—have acceded to the amended Restructuring Support Agreement (RSA). • R&F Properties plans to table a formal scheme of arrangement within 2026 and targets completion of the offshore restructuring by year-end.
Onshore bond restructuring gains traction • Bondholders of domestic note “H16RF4” (outstanding principal: RMB 1.68 billion) approved a comprehensive restructuring proposal in November 2025. • The company is convening additional bondholder meetings for the remaining onshore notes, aiming to secure consents for similar measures—including cash repurchases, asset-for-debt swaps and long-term extensions—to ease short-term repayment pressure and optimise its capital structure.
Strategic asset disposal • On 26 May 2026, the group agreed to divest a 33.34 % stake in the entity holding Guangzhou’s International Grand City (IGC) Mall, Conrad Guangzhou Hotel and associated parking facilities to a subsidiary of Sun Hung Kai Properties.
Operational and liquidity initiatives • Accelerated property pre-sales, intensified collection of sales proceeds and other receivables, and ongoing adjustment of sales strategies to align with market conditions. • Active negotiations with lenders have led to select loan extensions and refinancing; management continues to pursue additional financing avenues and curb discretionary spending. • Efforts to resolve outstanding litigations and identify further cash-generating opportunities remain underway.
R&F Properties’ board reaffirmed its commitment to executing the outlined measures to lift the auditor’s disclaimer of opinion and will provide further updates as material developments occur.