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].
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