【富力奉贤万达广场被7折拍卖】智通财经10月27日电，从阿里资产平台获悉，10月27日至10月30日， 上海市奉贤区江海镇16街坊7/50丘的土地使用权及地上建筑物，因为司法裁定，正在该平台被拍卖。据 拍卖平台视频介绍信息，被拍标的物为富力万达广场。该标的物规划总建筑面积约26.13万平方米，共 有14幢楼，土地用途为铁路用地、商业、办公。本次拍卖起拍总价约12.23亿元，标的物评估价约17.47 亿元，相当于7折甩卖。 转自：智通财经 ...

Core Insights - R&F Properties is facing significant financial challenges, leading to the auction of multiple assets including commercial and hotel properties in Shanghai, Langfang, and Ningde [1][3][4] Group 1: Auction Details - The R&F Wanda project in Shanghai is being auctioned with a starting price of approximately 1.22 billion yuan, which is about 30% lower than its assessed value of 1.747 billion yuan [1] - The Shanghai project has a total construction area of approximately 261,300 square meters, but construction is incomplete, with significant portions of the project not yet started [1] - In Langfang, the R&F Wanda Jiakua Hotel is set to be auctioned starting at 155 million yuan, significantly lower than its assessed value of 277 million yuan, reflecting a 45% discount [4] - The Ningde Wanda Plaza property is also scheduled for auction, with an assessed value of 397 million yuan and a starting price of 278 million yuan, representing a 30% discount [5] Group 2: Financial Performance - R&F Properties reported a 70% decline in hotel operating revenue, dropping from 2.762 billion yuan to 827 million yuan year-on-year [5] - The company owns 22 self-built hotels with a total construction area of approximately 1.1106 million square meters and 7,513 guest rooms as of June 30, 2025 [5] - To mitigate cash flow impacts from the changing economic environment, R&F is implementing cost control measures and adjusting project timelines [5]

Core Viewpoint - R&F Properties is facing significant financial distress, leading to the auction of multiple commercial and hotel assets in cities like Shanghai, Langfang, and Ningde, with low participation in the auctions indicating a lack of investor interest [1][2]. Group 1: Auction Details - The land use rights and buildings of the R&F Wanda project in Shanghai are being auctioned from October 27 to October 30, with a starting price of approximately 1.22 billion yuan, which is about 70% of the assessed value of 1.747 billion yuan [1]. - The Shanghai project, originally acquired for 731 million yuan in 2017, was intended to open by the end of 2021 but was halted due to R&F's financial issues [1]. - In addition to the Shanghai project, hotel assets in Langfang and Ningde are set to be sold next month, with previous auction attempts failing due to no bidders [3][4]. Group 2: Financial Performance and Strategy - The Langfang Wanda Plaza hotel, with a building area of approximately 37,300 square meters, has seen its auction price drop to about 155 million yuan, significantly lower than its assessed value of 277 million yuan [4]. - The Ningde Wanda Plaza hotel, with a total area of about 34,000 square meters, is also being auctioned with a starting price of 278 million yuan, down from an assessed value of 397 million yuan [5]. - R&F Properties reported a 70% decline in hotel operating revenue, dropping from 2.762 billion yuan to 827 million yuan year-on-year, prompting the company to implement cost control measures and adjust project timelines to mitigate cash flow impacts [5][6].

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。 ...