承董事會命 廣州富力地產股份有限公司 董事長 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.10B條 刊發。 以下有關廣州富力地產股份有限公司（「本公司」）的相關文件已經上載於上海證券交易所 的網站（http://www.sse.com.cn）： - 廣州富力地產股份有限公司關於重大事項及相關進展的公告 為遵守上市規則第 13.10B 條，該等上載資料亦刊登於香港聯合交易所有限公司「披露易」 網站（https://www.hkexnews.hk）。 李思廉 香港，二零二五年六月十日 於本公告日期，本公司的執行董事為李思廉博士、張輝先生、相立軍先生及趙渢先生；非執行董事為張琳女士 及李海倫女士；及獨立非執行董事為鄭爾城先生、吳又華先生及王振邦先生。 * 僅供識別 | 债券代码:136360 | ...

Core Insights - The article emphasizes that what appears to be a bargain in the asset world may actually be fraught with hidden liabilities, leading to significant financial burdens [2][5] - It highlights the importance of cash flow in determining the true value of assets, rather than just their market valuation or historical cost [8][10] Group 1: Case Study of R&F Properties - In 2017, R&F Properties acquired over 70 hotels from Wanda for nearly 19 billion yuan, which was only 60% of the market valuation [3][4] - Initially, this acquisition was perceived as a major success, positioning R&F as the largest luxury hotel owner globally with nearly 90 hotel assets [4] - However, the reality turned out to be a burden due to the lack of cash flow from these assets, which were heavy on operational costs and low on liquidity [6][7] Group 2: Lessons Learned - The article stresses that the real value of an asset lies in its ability to generate future cash flow, warning against the allure of seemingly low prices that may come with high holding costs [8][10] - R&F's experience illustrates that without cash flow, assets can quickly become liabilities, leading to significant financial distress [9][10] Group 3: Cash Flow Principles for Individuals - Understanding and applying cash flow principles is crucial for maintaining a healthy financial status [11] - A checklist is provided for evaluating assets, emphasizing the importance of net cash flow, investment return periods, and total ownership costs [12][14] - The article advises prioritizing stable income-generating assets and maintaining liquidity to mitigate risks associated with low liquidity assets [19][20] Group 4: Final Thoughts - The article concludes with a reminder that there are no free lunches in finance, and one should critically assess whether an asset will generate income or become a financial burden [24]

Group 1 - Hong Kong real estate stocks are experiencing a decline, with R&F Properties (02777.HK) dropping over 5% and Vanke Enterprises (02202.HK) falling more than 4% [1]

Group 1 - New World Development shares fell over 7% following the announcement of a delay in the payment of perpetual bond interest [1] - R&F Properties experienced a decline of more than 5% in its stock price [1] - Vanke Enterprises saw a drop of over 4% in its share value [1]

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 二零二五年五月三十日舉行之二零二四年度股東週年大會表決結果 二零二四年度股東週年大會表決結果 茲提述廣州富力地產股份有限公司（「本公司」）日期為二零二五年四月三十日的通函 （「通函」）及日期為二零二五年四月三十日的二零二四年度股東週年大會通告（「股 東週年大會通告」）。除文義另有所指外，本公告所用詞彙與通函及股東週年大會通告 所界定者具有相同涵義。 本公司欣然公佈於二零二五年五月三十日上午十一時正舉行的二零二四年度股東週年 大會（「二零二四年度股東週年大會」）根據上市規則第13.39(5)條按股數投票表決的結 果。 二零二四年度股東週年大會根據中國公司法及本公司的公司章程規定召開。所有提呈的 決議案於二零二四年度股東週年大會獲表決通過為普通決議案或特別決議案（視乎情況 而定）。全體董事均有出席二零二四年度股東週年大會。 二零二四年度股東 ...

Core Viewpoint - The article discusses the financial struggles of R&F Properties, which is facing a liquidity crisis after acquiring a large number of hotels from Wanda Group in 2017. The once-promising acquisition has turned into a burden, leading to significant debt and asset liquidation challenges [1][2]. Group 1: Acquisition and Initial Success - In 2017, R&F Properties acquired over 70 hotels from Wanda Group for approximately 19 billion yuan, at a price of about 60% of market value, making it the "largest luxury hotel owner globally" [2]. - Following the acquisition, R&F's hotel revenue surged by over 190% to exceed 7 billion yuan in 2018, but the company still reported a net loss of 459 million yuan that year [2]. Group 2: Financial Struggles and Debt Issues - R&F Properties announced an extension of the deadline for its offshore debt restructuring to July 31, 2025, reflecting its difficult financial situation with over 100 billion yuan in debts maturing [1][2]. - The company plans to restructure three outstanding priority notes totaling approximately 4.53 billion USD by the end of 2024, which is crucial for alleviating its debt burden [1][2]. Group 3: Asset Liquidation and Management Challenges - R&F's hotel asset portfolio has drastically reduced from nearly 90 to just 22 hotels by 2024, primarily due to a lack of management control over 68 hotels that were taken over by a receiver due to unpaid debts [4]. - The operational revenue from R&F's hotel segment fell from 6.365 billion yuan to 4.373 billion yuan in 2024, indicating a significant decline in performance [4]. Group 4: Current Financial Status - As of 2024, R&F Properties reported a loss attributable to shareholders of 17.71 billion yuan, with current liabilities exceeding current assets by approximately 31.68 billion yuan [5]. - The total debt, including bank loans and bonds, amounts to 113.55 billion yuan, with 103.57 billion yuan due within the next 12 months, while cash reserves are only 3.86 billion yuan [5]. Group 5: Future Outlook - R&F Properties has nearly liquidated all major overseas assets and plans to continue asset sales in 2025 to generate liquidity, although the timing and success of these sales remain uncertain [6].

Group 1: Real Estate Market Trends - In April, the year-on-year decline in housing prices across various city tiers continued to narrow, with first and second-tier cities' new home prices remaining stable month-on-month, while third-tier cities saw a slight decrease of 0.2% [1] - From January to April, the total sales area of newly built commercial housing nationwide was 28,262 million square meters, a year-on-year decrease of 2.8%, and the sales amount was 27,035 billion yuan, down 3.2% year-on-year [1] Group 2: Debt Restructuring and Corporate Actions - Guangzhou R&F Properties announced an extension of its overseas debt restructuring deadline to July 31, 2025, allowing creditors more time to consider restructuring proposals [2] - South China City has postponed its court hearing regarding its winding-up petition to August 11, 2025, which may provide the company with breathing space [3] - Jin Ke Services has delayed sending the comprehensive documents related to its acquisition offer due to the complexity of the legal procedures involved, with a new deadline set for September 7, 2025 [4] Group 3: Financial Management and Compliance - Shanghai Daming City has returned 225 million yuan of idle raised funds, reflecting prudent management of fundraising and alleviating liquidity pressure [5]

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.10B條 刊發。 以下有關廣州富力地產股份有限公司（「本公司」）的相關文件已經上載於上海證券交易所 的網站（http://www.sse.com.cn）： - 廣州富力地產股份有限公司關於重大事項進展的公告 為遵守上市規則第 13.10B 條，該等上載資料亦刊登於香港聯合交易所有限公司「披露易」 網站（https://www.hkexnews.hk）。 承董事會命 廣州富力地產股份有限公司 董事長 李思廉 香港，二零二五年五月十九日 於本公告日期，本公司的執行董事為李思廉博士、張輝先生、相立軍先生及趙渢先生；非執行董事為張琳女士 及李海倫女士；及獨立非執行董事為鄭爾城先生、吳又華先生及王振邦先生。 * 僅供識別 | 债券代码:136360 | | ...

重要新闻 1. 恒指季检结果公布，恒指纳入美的集团(00300.HK)、中通快递-W(02057.HK)；科指纳入比亚迪股份 (01211.HK)。 个股新闻 1. 宁德时代(03750.HK)：每股H股发售价定为263.00港元。 2. 阳光保险(06963.HK)附属阳光人寿拟出资200亿元投资试点基金份额。 3. 富力地产(02777.HK)4月总销售收入共约，13.6 亿元 同比增长76.62%。 金十数据整理：每日港股市场要闻速递（5月19日 周一） 4. 新华保险增持上海医药(02607.HK)24.8万股，每股作价约10.98港元。 5. 复星医药(02196.HK)：HLX1一线治疗不可切除的晚期肝细胞癌(HCC)患者于中国境内启动 I/III 期临 床试验。 6. 汇丰控股(00005.HK)：5月15日耗资2.91亿港元回购321.88万股。 7. 越秀交通基建(01052.HK)：前2月广州北二环高速路费收入累计1.53亿元，同比下降1.5%；2月路费收 入7074.6万元，环比下降14.4%，同比增长26.6%。 8. 山高新能源(01250.HK)：3月营运发电量约66.92万兆瓦时 ...

Core Viewpoint - R&F Properties reported a total sales revenue of approximately RMB 1.36 billion in April 2025, indicating ongoing sales activity in the real estate market [1] Group 1: Sales Performance - The total sales revenue for R&F Properties in April 2025 was approximately RMB 1.36 billion, with a sales area of about 128,900 square meters [1] - Cumulatively, as of the end of April 2025, the total sales revenue reached approximately RMB 4.13 billion, with a total sales area of around 383,700 square meters [1]