Core Viewpoint - R&F Properties (stock code: 02777) announced a comprehensive restructuring plan for its domestic bonds, which includes options such as cash buyback, debt-for-equity swaps, and receivables trust shares as collateral [1][3] Financial Performance - In the first half of the year, R&F Properties reported revenue of 5.765 billion yuan, a year-on-year decrease of 59.43%, and a loss of 4.082 billion yuan, which is a 75.12% increase in loss compared to the same period in 2024 [3] - The net loss attributable to shareholders was 4.046 billion yuan, reflecting a year-on-year increase in loss of 73.6% [3] Debt Situation - R&F Properties has total assets of 289.149 billion yuan, with development properties accounting for 120.738 billion yuan, or 41.75% of total assets [3] - Total liabilities reached 264.379 billion yuan, an increase of approximately 2.243 billion yuan compared to the end of the previous year, resulting in a debt-to-asset ratio of 91.43% [3] - The company has cash and cash equivalents of only 688 million yuan [3] Bond Restructuring Plan - If the bond restructuring is approved by all bondholders and successfully implemented, the remaining domestic bond principal will be extended to September 16, 2035 [3] - Starting from March 16, 2031, each bond will pay 1 yuan of principal in cash every six months, with the full remaining principal and interest paid on the final maturity date [3] - Interest during the past and extended periods will be uniformly reduced to 1%, calculated on a simple interest basis without compounding [3] - The restructuring plan aims to alleviate short-term repayment pressure, reduce the company's debt ratio, and improve financial conditions, allowing the company to focus more on its core business and enhance operational capabilities [3]
富力地产债券重组方案出炉，上半年净亏损40亿元