Core Viewpoint - R&F Properties is accelerating the sale of two Wanda hotels to generate cash, with significant price reductions compared to their assessed values [1] Group 1: Sale Details - The R&F Wanda Hotel in Langfang, Hebei, is set to be sold at an opening price of 155 million yuan, which is a reduction of 122 million yuan from its assessed value of 277 million yuan [1] - The auction for the Langfang hotel will begin on November 3, with a bidding period of 60 days and a minimum increment of 776,000 yuan [1] - The R&F Wanda Jiakua Hotel in Ningde, Fujian, will also be sold at the same time [1] Group 2: Background Information - The two hotels being sold are part of a larger portfolio of 77 hotels that R&F Properties acquired from Dalian Wanda in 2017 [1] - As of the end of 2024, R&F Properties still owns 22 self-built hotels according to their financial report [1]

Core Viewpoint - R&F Properties is facing severe financial distress, with increasing execution information and significant losses, leading to accelerated asset sales to recover funds [1][2][3] Financial Performance - R&F Properties reported a net loss of 40.82 billion yuan in the first half of 2025, a 75% increase compared to a loss of 23.31 billion yuan in the same period of 2024 [2] - The company's revenue plummeted by 59.43% year-on-year to 57.65 billion yuan, with a 48% decrease in delivered property area and a drop in average selling price from 11,800 yuan/sqm to 9,000 yuan/sqm [2] - Cash and cash equivalents stood at only 6.88 billion yuan, while short-term debt reached 975.9 billion yuan, resulting in a debt-to-asset ratio of 91.43% [2] Asset Sales - R&F Properties is accelerating the sale of core assets, with the R&F Wanda Wenhua Hotel in Quanzhou set for auction at a starting price of 3.31 billion yuan, significantly below its market value of 4.73 billion yuan [3] - Since 2022, R&F has disposed of over 10 hotels, reducing its hotel portfolio from 89 properties in 2017 to below 20 [3][4] Debt Restructuring - The company has introduced an innovative debt restructuring plan that includes cash buybacks, asset swaps, and debt-to-equity conversions [5][6] - This "menu-style" restructuring aims to provide liquidity to creditors while alleviating cash flow pressures for the company [6] - The plan includes a 6 billion yuan buyback limit and emphasizes asset quality disclosure to enhance creditor confidence [6] Industry Insights - The R&F case highlights the risks of the "real estate + hotel" dual-drive model during market downturns and the importance of considering integration costs in large-scale acquisitions [7] - Future recovery depends on the sales performance of core city properties, creditor support for the restructuring plan, and the pace of non-residential asset monetization [7]

每经记者｜陈荣浩 每经编辑｜段炼 陈梦妤 ◤泉州富力万达文华酒店 图片来源：京东法拍平台 富力地产又有核心资产被摆上了拍卖台。 富力地产2024年年报显示，其仅剩下22家酒店资产。而随着近期泉州、廊坊等地万达系酒店相继被拍卖，富力地产持有的酒店资产即将跌破20家。 中国企业资本联盟副理事长柏文喜向《每日经济新闻》记者表示，富力地产等出险房企处置核心资产已是行业普遍动作，虽能通过拍卖快速回笼资金，但 相对于巨额债务还只是杯水车薪。这些资产处置的最大价值在于避免交叉违约、维持公开市场信用，而非彻底解决债务问题。 曾是全球最大豪华酒店业主 2017年那场震动行业的"世纪交易"，让富力地产将73家万达系酒店收入囊中，加上原有资产，其豪华酒店持有量飙升至89家，一举成为全球最大豪华酒店 业主。 彼时富力地产董事长李思廉乐观预估，这些酒店每年能贡献70亿元收入和15亿元净利润，成为公司稳定的利润引擎。 但这宗看似完美的交易，日后却成为企业的重担之一。 每经记者梳理发现，从2022年起，富力地产开始采取"卖酒店求生"模式。 据京东法拍，位于福建泉州市区的富力万达文华酒店将于11月3日迎来整栋拍卖，起拍价约3.31亿元，较4 ...

Core Viewpoint - R&F Properties is facing significant financial distress, leading to the auction of its core assets, including the R&F Wanda Wenhua Hotel in Quanzhou, which has a starting bid of approximately 331 million yuan, reflecting a nearly 30% discount from its market reference price of 473 million yuan [2][5] Company Summary - R&F Properties acquired 73 Wanda hotels for 18.955 billion yuan eight years ago, but now only 22 hotel assets remain, with the number expected to drop below 20 soon due to ongoing asset disposals [2][3] - The company has adopted a "sell hotels to survive" strategy since 2022, with significant losses on hotel sales, including a 5.5 million yuan loss on the sale of Beijing Wanda Jiahua Hotel [3][5] - As of the first half of 2025, R&F Properties reported a 59.43% year-on-year decline in revenue to 5.765 billion yuan, with a net loss of 4.046 billion yuan and cash reserves of 3.508 billion yuan against short-term liabilities of 97.59 billion yuan [6] Industry Context - The trend of selling hotel assets is common among distressed real estate companies in China, with 68% of hotel transactions in 2024 involving developers [8] - The high-end hotel market is also under pressure, with a 5% year-on-year decline in RevPAR and falling occupancy rates and average room prices [8] - Experts predict that the asset liquidation process will unfold in three phases: supply increase, price bottoming, and operational differentiation, with real investment opportunities arising in the latter phase [8]

富力地产(02777)公布，集团于2025年9月的月内总销售收入共约人民币 10.9 亿元，同比增长32.28%;销 售面积达约8.81万平方米。 累计至2025年9月底，总销售收入约人民币 105 亿元，同比增长32.41%;销售面积达约103.14万平方米。 ...

格隆汇10月17日丨富力地产(02777.HK)公告，集团于2025年9月的月内总销售收入共约人民币10.9亿 元，销售面积达约88,100平方米。累计至2025年9月底，总销售收入约人民币105亿元，销售面积达约 1,031,400平方米。 ...

累计至2025年9月底，总销售收入约人民币105亿元，同比增长32.41%;销售面积达约103.14万平方米。 富力地产(02777)公布，集团于2025年9月的月内总销售收入共约人民币10.9亿元，同比增长32.28%;销售 面积达约8.81万平方米。 ...

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） 二零二五年九月的未經審核營運數據 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 廣州富力地產股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然宣佈，本集團於二零二五年九月的月內總銷售收入共約人民幣 10.9 億元，銷售面積達約 88,100 平方米。 累計至二零二五年九月底，總銷售收入約人民幣 105 億元，銷售面積達約 1,031,400 平方 米。 上述銷售數據未經審核，乃根據本集團初步內部資料編製，鑒於收集該等銷售資料過程 中存在各種不確定因素，該等銷售數據與本公司按年度或半年度刊發的經審核或未經審 核綜合財務報表中披露的數字可能存在差異，因此上述數據僅供投資者參考 ...

Core Viewpoint - R&F Properties is facing a severe liquidity crisis, leading to the sale of hotel assets to recover funds, with the company’s hotel operations significantly impacted by debt issues and asset disposals [1][3][14]. Group 1: Asset Sales and Financial Struggles - The company is selling its hotel assets, including the R&F Wanda Hotel in Quanzhou, which is set for public auction with a starting price of approximately 331 million yuan [3][4]. - Since 2022, R&F Properties has sold multiple hotels, including a 100% stake in Guangzhou Fuying Hotel Management Co. for 550 million yuan, despite incurring losses [4][5]. - The company’s hotel operations have been severely reduced, with the number of hotels dropping from 90 at the end of 2023 to an expected 22 by the end of 2024 [5][13]. Group 2: Debt and Liquidity Issues - R&F Properties publicly defaulted on its debts in 2022, leading to a liquidity crisis that has forced the company to focus on debt reduction [14][17]. - The company has restructured its domestic bonds in September 2023 to alleviate short-term repayment pressures [17][21]. - As of June 2023, the company had total borrowings of 1,045.2 billion yuan, with 975.9 billion yuan due within one year, indicating significant short-term repayment risks [21][22]. Group 3: Operational Performance - The hotel segment has seen a decline in revenue from 7.03 billion yuan in 2018 to an estimated 4.37 billion yuan in 2024, with cumulative losses exceeding 10 billion yuan during the same period [12][18]. - In the first half of 2025, the company reported hotel operating revenue of 827 million yuan, a 70% year-on-year decline, primarily due to the loss of operational control over 68 hotels [12][18]. - The overall revenue for the company in the first half of 2025 was 5.765 billion yuan, a 59.43% decrease compared to the previous year, with a net loss of 4.046 billion yuan [19].

Core Viewpoint - The article discusses the auction of a commercial property, specifically the R&F Wanda Wenhua Hotel in Quanzhou, which is being sold at a significant discount compared to its market value, highlighting the ongoing challenges faced by R&F Properties in the hotel sector [2][4]. Group 1: Auction Details - The R&F Wanda Wenhua Hotel is set for judicial auction starting on November 3, with a starting price of 331 million yuan, which is 70% of its market value of 473 million yuan [2]. - The property has a land area of 183,400 square meters and a building area of 47,800 square meters, designated for hotel use but currently utilized for commercial, office, and guest room purposes [4]. - The hotel was opened in September 2012 and was previously known as Quanzhou Wanda Wenhua Hotel before being renamed in 2017 [4]. Group 2: Financial Background - The hotel was mortgaged to China Merchants Bank in 2018, with an estimated value of 655 million yuan, indicating a significant depreciation compared to the current auction price [4]. - R&F Properties has faced continuous losses in its hotel business since acquiring the asset package from Wanda in 2017, which had initially positioned the company as a leading luxury hotel owner [5]. Group 3: Market Trends - Since 2022, multiple hotels under R&F have been put up for sale, with significant losses reported on several transactions, including the sale of Beijing Wanda Jiahu Hotel for 550 million yuan, resulting in a loss of 6.53 million yuan compared to the acquisition cost [6]. - The London ONE project was sold at a 46% loss compared to its 2017 purchase price, reflecting the broader struggles within R&F's hotel portfolio [6]. - The Guangzhou R&F Airport Holiday Inn was auctioned earlier this year but failed to attract any bidders, indicating a challenging market environment for R&F's hotel assets [7][8].