Guangzhou R&F Unit, Chairman Hit With Consumption Restrictions

MT Newswires Live

Sep 29

Guangzhou R&F Properties (HKG:2777) said its subsidiary Chengdu Panda Universal City and Chairman Li Sze Lim have been subject to restrictions on high-level consumption, according to a Monday Hong Kong bourse filing.

The restrictions prohibit certain non-essential spending, including air travel and higher-class train travel, stays at luxury hotels and other high-end venues, property purchases, high-end office leases, unnecessary vehicle purchases, vacations and high-fee private schools.

Guangzhou R&F said the restrictions have not had a significant adverse impact on its daily operations or its ability to repay debt.

The company is communicating with relevant authorities and will continue to monitor the case.

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