Core Viewpoint - Guangzhou R&F Properties Co., Ltd. has announced overdue debts totaling approximately 38.725 billion yuan, primarily due to the failure to repay various financial obligations, including corporate bonds and bank loans [1][2]. Group 1: Debt Situation - As of November 30, 2025, the overdue principal balances include 9.769 billion yuan in corporate bonds, 16.043 billion yuan in bank loans, 5.414 billion yuan in trust and leasing company debts, and 7.499 billion yuan in other interest-bearing debts [1]. - The company is actively communicating with creditors and developing solutions to address the overdue debts while emphasizing the protection of creditor rights [1][2]. Group 2: Restructuring Efforts - The company is undergoing an overseas debt restructuring plan, with approximately 77% of planned creditors agreeing to or indicating support for the restructuring agreement as of November 28, 2025 [1]. - In the domestic restructuring, R&F Properties has proposed a comprehensive plan including cash buybacks and debt-for-equity swaps, successfully completing a bond restructuring of approximately 1.68 billion yuan [2]. Group 3: Financial Performance and Strategy - For the first eleven months of 2025, the total sales revenue of R&F Properties was approximately 12.7 billion yuan, with a sales area of about 1.2616 million square meters [2]. - The company is negotiating with existing lenders for extensions, refinancing, or restructuring of loans, while also controlling administrative costs and seeking to sell project development company shares to generate additional cash flow [2].
富力地产：截至2025年11月底，逾期债务总额约387亿元