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Core Viewpoint - R&F Properties has announced a restructuring plan for its domestic bonds, involving six specific bonds with a total outstanding principal of approximately 12.205 billion yuan [4][6]. Group 1: Restructuring Plan Details - The restructuring plan includes six bonds: "H16 R&F 4", "H16 R&F 5", "H16 R&F 6", "H18 R&F 8", "H18 R&F 1", and "H19 R&F 2" [4]. - The proposed restructuring options consist of: 20% cash buyback, 30% asset-for-debt swaps, 30% accounts receivable trust, 35% asset trust, a private placement of up to 200 million shares, and extending the debt maturity to September 2035 [4][6]. Group 2: Financial Implications - The cash buyback option involves repurchasing bonds at a 20% discount, with a total expected buyback amount not exceeding 600 million yuan [6]. - The asset-for-debt swap allows bondholders to exchange 100 yuan of bond face value for 30 yuan worth of physical assets, with a total of up to 6.6 billion yuan in bonds eligible for this option [6]. - The accounts receivable trust will use 300 million yuan in receivables as the underlying asset, allowing bondholders to exchange 100 yuan of bond face value for 30 yuan in trust shares, with a total of up to 1 billion yuan in bonds eligible [6]. - The asset trust will utilize physical asset income rights, allowing bondholders to exchange 100 yuan of bond face value for 35 yuan in trust shares, with a total of up to 5.7 billion yuan in bonds eligible [6]. - The private placement aims to issue up to 200 million shares in Hong Kong to fund the repayment of bondholders [6]. Group 3: Company Background and Financial Status - R&F Properties, once a leading player in the South China real estate market, reported a significant decline in sales from over 130 billion yuan in 2019 to 11.23 billion yuan in 2024 [9]. - As of June 2025, the company had total assets of 289.149 billion yuan, total liabilities of 264.379 billion yuan, and a net asset value of 24.771 billion yuan, resulting in a debt-to-asset ratio of 91.43% [12]. - The company has faced liquidity pressures, with a significant portion of its liabilities being short-term, leading to a tight cash position of only 688 million yuan [16].