Core Viewpoint - R&F Properties has announced a comprehensive restructuring plan for its domestic bonds, involving cash buybacks, asset swaps, and accounts receivable trust shares, addressing over 12.2 billion yuan in outstanding principal [1][3]. Group 1: Restructuring Plan Details - The restructuring plan offers six options for bondholders, including cash buybacks, asset swaps, and accounts receivable trust shares [2][3]. - In the cash buyback option, R&F plans to repurchase bonds at a 20% discount to their remaining face value, with a total buyback amount not exceeding 600 million yuan [3]. - The asset swap option allows bondholders to register physical assets valued at 30 yuan for every 100 yuan of remaining bond face value, with a total of up to 6.6 billion yuan in outstanding bonds eligible [3][4]. - The accounts receivable trust share option involves establishing a trust with 300 million yuan in receivables as the underlying asset, allowing bondholders to register trust shares valued at 30 yuan for every 100 yuan of remaining bond face value, with a total of up to 1 billion yuan in outstanding bonds [3][4]. - The full debt extension option will extend the remaining bonds' maturity to September 16, 2035, with a reduced interest rate of 1% during the extension period [4]. Group 2: Financial Performance and Debt Situation - R&F Properties reported a loss of approximately 4.08 billion yuan in the first half of the year, a significant increase of about 75.12% compared to the same period in 2024 [6]. - The company's total assets amount to 289.15 billion yuan, with total liabilities rising to 264.38 billion yuan, an increase of approximately 2.24 billion yuan from the end of the previous year [7]. - As of mid-2025, R&F's cash and cash equivalents were only 688 million yuan, indicating ongoing cash flow challenges despite previous asset sales and financing efforts [5][7].

Core Viewpoint - R&F Properties has announced a comprehensive restructuring plan for its domestic bonds, involving cash buybacks, asset swaps, and accounts receivable trust shares, addressing over 12.2 billion yuan in outstanding principal [1][2]. Group 1: Restructuring Plan Details - The restructuring plan offers six options for bondholders, including cash buybacks, asset swaps, and accounts receivable trust shares [2]. - The cash buyback option involves three phases, with a total buyback amount not exceeding 600 million yuan, and the first buyback to occur within five months after the bondholders' meeting [3]. - The asset swap option allows bondholders to register physical assets valued at 30 yuan for every 100 yuan of remaining bond principal, with a total of up to 6.6 billion yuan eligible for this option [4]. Group 2: Financial Performance and Debt Situation - In the first half of the year, R&F Properties reported a loss of approximately 4.08 billion yuan, a significant increase of about 75.12% compared to the same period in 2024 [6]. - The company's total assets amount to 289.15 billion yuan, with total liabilities rising to 264.38 billion yuan, an increase of approximately 2.24 billion yuan from the end of the previous year [6]. - As of mid-2025, R&F Properties had cash and cash equivalents of only 688 million yuan, indicating severe liquidity issues [6]. Group 3: Industry Context and Future Outlook - The restructuring plan reflects a shift in the real estate industry from a "one-size-fits-all" approach to a more menu-based strategy for debt resolution, with cash thresholds raised and asset discounting increased [5]. - The ability to convert "book inventory" into "alternative cash" that creditors are willing to accept will determine which companies can successfully navigate the restructuring process [8].

Core Viewpoint - R&F Properties has announced a comprehensive restructuring plan for its domestic bonds, involving cash buybacks, asset swaps, and accounts receivable trust shares, addressing over 12.2 billion yuan in outstanding principal [2][3]. Group 1: Restructuring Plan Details - The restructuring plan offers six options for bondholders, including cash buybacks, asset swaps, and accounts receivable trust shares [3][4]. - Cash buyback will occur in three phases, with a total amount not exceeding 600 million yuan, where each bond will be bought back at 20% of its remaining face value [3]. - The asset swap option allows bondholders to register physical assets valued at 30 yuan for every 100 yuan of remaining bond face value, with a total of up to 6.6 billion yuan in outstanding bonds eligible [3][4]. Group 2: Financial Performance - In the first half of the year, R&F Properties reported a loss of approximately 4.08 billion yuan, a significant increase of about 75.12% compared to the same period in 2024 [6]. - The total assets of R&F Properties stand at 289.15 billion yuan, with total liabilities rising to 264.38 billion yuan, an increase of approximately 2.24 billion yuan from the end of the previous year [6]. - As of mid-2025, the company had only 688 million yuan in cash and cash equivalents, indicating severe liquidity issues [6]. Group 3: Industry Context - The restructuring approach reflects a shift in the real estate industry from a one-size-fits-all extension to a more menu-based strategy, with cash thresholds raised and asset discounting increased [5]. - The restructuring plan is seen as a potential template for smaller real estate firms, incorporating mainstream terms currently prevalent in the industry [5].

智通财经APP获悉，富力地产(02777)跌超4%，截至发稿，跌4.05%，报0.71港元，成交额621.97万港 元。 消息面上，9月10日晚，富力地产公告称，鉴于当前公司的整体经营现状，拟初步为境内公司债券持有 人提供整体境内债券重组方案，包括现金购回、以物抵债、应收账款信托份额抵债、资产信托份额抵 债、股票经济收益权兑付和全额留债长展期等6种选择。据悉，富力此次境内债重组涉及6只债券，未偿 还剩余本金余额逾122亿元。 今年上半年，富力地产实现营业额57.65亿元人民币，同比减少59.43%；公司所有者应占亏损40.46亿 元，同比扩大73.6%。此外，上交所、深交所近日发布的公告显示，富力地产被调出港股通标的名单， 并自9月8日起生效。 ...

Core Viewpoint - R&F Properties (02777) is facing significant financial challenges, leading to a proposed restructuring of its domestic bonds due to a substantial loss and declining revenue [1] Financial Performance - In the first half of the year, R&F Properties reported a revenue of 5.765 billion RMB, a year-on-year decrease of 59.43% [1] - The company recorded a loss attributable to shareholders of 4.046 billion RMB, which represents a year-on-year increase of 73.6% [1] Bond Restructuring Proposal - R&F Properties announced a preliminary plan to provide a comprehensive restructuring scheme for domestic bondholders, which includes six options: cash buyback, debt-for-asset swaps, receivables trust shares, asset trust shares, equity economic rights payment, and full debt extension [1] - The restructuring involves six bonds with an outstanding principal balance exceeding 12.2 billion RMB [1] Market Reaction - Following the announcement, R&F Properties' stock price dropped over 4%, trading at 0.71 HKD with a transaction volume of 6.2197 million HKD [1] - The company has been removed from the Hong Kong Stock Connect list, effective from September 8 [1]

9月10日，广州富力地产(02777.HK)发布公告，鉴于公司整体经营现状，公司拟初步为公司境内公司债 券持有人提供整体境内债券重组方案，包括现金购回、以物抵债、应收账款信托份额抵债、资产信托份 额抵债、股票经济收益权兑付和全额留债长展期，具体如下： (一)现金购回：公司拟对债券分三次进行折价(每张债券剩余面值的20%)购回，预计购回总金额不超过 人民币6亿元。 (二)以物抵债：公司拟以实物资产偿付债券，每人民币100元剩余面值的债券可申报登记可抵债价值为 人民币30元的实物资产，本次拟进行以物抵债的未偿还债券本金余额合计不超过人民币66亿元。 (三)应收账款信托份额抵债：公司拟以人民币3亿元应收回购款作为基础资产，设立应收账款信托，每 人民币100元剩余面值的债券可申报登记价值为人民币30元的信托份额。本次拟进行应收账款信托份额 抵债的未偿还债券本金余额合计不超过人民币10亿元。 (四)资产信托份额抵债：公司拟以实物资产收益权作为资产信托的基础资产，设立服务型信托，每人民 币100元剩余面值的债券可申报登记价值为人民币35元的资产信托份额。本次拟进行资产信托份额抵债 的未偿还债券本金余额合计不超过人民币57 ...

第六个选项为全额留债长展期，若本次境内债券重组经全部持有人会议通过得以顺利推进落地，上述选 项完成后的剩余境内公司债券本金将全部展期至2035年9月16日。自2031年3月16日起每张债券每半年以 现金支付1元本金，于最后一期到期日支付全部剩余本金及利息。过往及长展期期间内的利息部分统一 降低至1%，单利计息、不计复利。 富力此次境内债重组也转向削债。 早在2022年底就完成境内外债券全部展期的富力地产（02777.HK），历经过去两年的动荡后，决定重 新推动境内债务的全面重组。 9月10日晚，富力地产公告称，鉴于当前公司的整体经营现状，拟初步为境内公司债券持有人提供整体 境内债券重组方案，包括现金购回、以物抵债、应收账款信托份额抵债、资产信托份额抵债、股票经济 收益权兑付和全额留债长展期等6种选择。据悉，富力此次境内债重组涉及6只债券，未偿还剩余本金余 额逾122亿元。 具体来看，第一个选项为现金购回，富力拟对债券分三次进行折价（每张债券剩余面值的 20%）购 回，预计购回总金额不超过6亿元。 第二个选项为以物抵债，富力拟以实物资产偿付债券，每100元剩余面值的债券可申报登记可抵债价值 为30元的实物资产， ...

Core Viewpoint - The company, R&F Properties (02777), is proposing a comprehensive restructuring plan for its domestic bondholders due to its overall operational status, which includes various options such as cash buybacks, asset swaps, and extended repayment terms [1][2] Summary by Sections Cash Buyback - The company plans to repurchase bonds in three phases at a discount of 20% of the remaining face value, with a total repurchase amount not exceeding RMB 600 million [1] Asset Swaps - The company intends to use physical assets to repay bonds, allowing bondholders to register for a debt offset value of RMB 30 for every RMB 100 of remaining bond face value, with an outstanding bond principal balance of up to RMB 6.6 billion [1] Accounts Receivable Trust Shares - The company aims to establish a trust based on RMB 300 million in receivables, allowing bondholders to register for a trust share value of RMB 30 for every RMB 100 of remaining bond face value, with an outstanding bond principal balance of up to RMB 1 billion [1] Asset Trust Shares - The company plans to set up a service trust using the rights to physical asset income, allowing bondholders to register for a trust share value of RMB 35 for every RMB 100 of remaining bond face value, with an outstanding bond principal balance of up to RMB 5.7 billion [1] Stock Economic Benefit Rights - The company proposes to issue up to 200 million shares in Hong Kong for stock economic benefit rights repayment, with the net proceeds from the stock disposal to be used for repaying bondholders [2] Full Debt Extension - If the restructuring plan is approved by all bondholders, the remaining bond principal will be extended to September 16, 2035, with semi-annual cash payments of RMB 1 starting March 16, 2031, and a reduction of interest to 1% during the extension period [2] Overall Impact - Successful implementation of the restructuring plan is expected to alleviate the company's short-term debt repayment pressure, reduce its debt ratio, optimize its debt structure, and improve its financial condition, allowing the company to focus more on its core business and enhance operational capabilities [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （一）現金購回：本公司擬對債券分三次進行折價（每張債券剩餘面值的 20%）購回，預計 購回總金額不超過人民幣 6 億元。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 境內公司債券重組 本公告由廣州富力地產股份有限公司（「本公司」，連同其附屬公司為「本集團」）自願發佈， 旨在向本公司股東、 證券持有人及潛在投資者提供有關本公司境內公司債券重組（「境內債 券重組」）的資料。 鑒於本公司整體經營現狀，本公司擬初步為本公司境內公司債券持有人提供整體境內債券重 組方案，包括現金購回、以物抵債、應收賬款信託份額抵債、資產信託份額抵債、股票經濟 收益權兌付和全額留債長展期，具體如下： 本公司將按照相關規則及法規於有需要時作出進一步公告。 2 （二）以物抵債：本公司擬以實物資產償付債券，每人民幣 100 元剩餘面值的債券可申報 ...

格隆汇9月8日｜广州富力地产近日向债券持有人发布境内债重组议案，涉及6只债券，未偿还剩余本金 余额合共约122.05亿元。6只债券分别为"H16富力4"、"H16富力5"、"H16富力6"、"H18富力8"、"H18富 力1"和"H19富力2"。若议案通过，则本期债券全部债权人持有的本金兑付时间调整至2031年3月16日至 2035年9月16日，每半年兑付1%，最后一期全额兑付。在重组方案选项中，富力地产向债券持有人提供 5种方案，包括现金回购、以物抵债、应收账款信托份额抵债和资产信托份额抵债。此次持有人会议表 决时间截止期为10月10日。 ...