Guangzhou R&F Properties Co., Ltd. (R&F Properties) will lift the trading suspension on its 2016 Corporate Bond (Series 3, Type 1, code “H16RF4”) at the Shanghai Stock Exchange when the market opens on 17 April 2026. The security had been suspended since 30 January 2026 to facilitate bond‐restructuring procedures.

Early repayment to supporting investors • In line with the bondholders’ resolution passed on 10 November 2025, the company on 10 February 2026 redeemed and cancelled 0.2% of the bonds held by investors who voted in favor of the restructuring. • Detailed payment information was disclosed on 6 February 2026 via the Shanghai Stock Exchange.

Status of other on-going restructurings • Bond tranches “H16RF5”, “H16RF6”, “H18RF8”, “H18RF1” and “H19RF2” remain under restructuring votes. • The second bondholders’ meeting for “H16RF6” failed to reach an effective resolution; a new meeting will be convened. • Implementation of the approved “H16RF4” plan will begin once all tranche meetings conclude.

Overdue debt reaches RMB43.57 billion As of 28 February 2026, R&F Properties reported: – Corporate credit bonds: RMB13.31 billion overdue – Bank loans: RMB16.14 billion overdue – Non-bank financial institution loans: RMB6.73 billion overdue – Other interest-bearing debts: RMB7.38 billion overdue Total overdue principal: RMB43.57 billion. The company is negotiating with creditors, accelerating asset sales and cash-flow management.

Targeted debt financing litigation Holders of the RMB1.00 billion “20RFPropertiesPPN001” targeted debt financing instrument filed suit for RMB384.57 million in principal plus accrued interest and penalties. The case is in first-instance proceedings; no judgment has been issued.

Additional credit events Between 30 January and 16 April 2026, two new “dishonest person” listings involving RMB0.62 million were recorded. Management is engaging relevant parties to resolve the matters.

2025 operating performance R&F Properties posted a net loss of RMB16.60 billion for 2025, equal to 58.34% of its year-end 2024 net assets of RMB28.46 billion. Management attributes the deterioration to weaker property-development revenue and higher impairment provisions for inventories and fixed assets.

Corporate governance update The board has proposed amendments to the Articles of Association to align with updated PRC Company Law and Hong Kong listing rules. The changes will be tabled at the 29 May 2026 Annual General Meeting.

Investor considerations Bondholders are urged to review the detailed restructuring plans and remain aware of liquidity, legal and operational risks disclosed by the issuer.