业绩方面，2025年上半年，富力地产营业收入同比下降近六成至57.65亿元，股东应占溢利亏损40.46亿元；账上现金及现金等价物（含受 限资金）仅35.08亿元，而同期流动负债高达2481亿元，其中一年内到期的短期债务就有975.9亿元。 富力地产表示，就上述相关案件，公司及相关子公司仍在与相关机构积极沟通，争取达成妥善的解决方案。 1月7日晚间，富力地产发布关于被执行事项相关进展的公告。近日，根据淘宝网司法拍卖网络平台显示的信息，广州市中级人民法院将于 2026年1月27日10时起，至2026年1月28日10时，就公司名下位于广州市白云区增槎路9号河畔东街57-59号(单号)房产（富力半岛花园）进 行拍卖活动，起拍价为803.91万元。 读创财经梳理富力地产2025年以来司法拍卖信息发现，其资产处置已从主动出售转向被动拍卖，且覆盖范围不断扩大，包括酒店、商业综 合体、住宅底商等核心资产接连登上司法拍卖平台。 | 自行处置 | 首页 | 法院 | 公告 | 预告 | 刑案 | 破产 | 流拍再买 | 拉漏 | 精准获客 | | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - R&F Properties is facing significant financial distress, leading to the forced sale of its hotel assets, which were once considered core to its business strategy. The company has seen a drastic reduction in its hotel portfolio from nearly 90 to just 22 properties, primarily due to debt pressures and liquidity issues [1][2][6]. Group 1: Asset Sales and Financial Performance - The Zhengzhou R&F Wanda Hotel was sold for 328 million yuan, approximately 70% of its reference price of 469 million yuan, highlighting the company's struggle to liquidate assets at favorable prices [1]. - In November, another hotel in Quanzhou was sold for 330 million yuan, 30% below market reference price, indicating a trend of undervalued asset sales [2]. - R&F's hotel revenue plummeted by 70% year-on-year to 827 million yuan in the first half of 2025, reflecting the severe impact of asset disposals and operational challenges [5]. Group 2: Debt and Restructuring Challenges - As of mid-2025, R&F Properties reported a net loss of 4.082 billion yuan, exacerbated by the ongoing downturn in the Chinese real estate market and declining income from property development [6]. - The company's total debt reached 104.52 billion yuan, with a staggering asset-liability ratio of 408%, indicating a critical liquidity crisis [6]. - R&F is attempting to restructure approximately 4.53 billion USD in unpaid senior notes, which is crucial for its survival and could significantly reduce its debt burden if successful [6][7]. Group 3: Future Outlook and Strategic Direction - R&F Properties plans to continue asset sales to generate liquidity, with expectations of further divestitures in 2025, although the timing and success of these sales remain uncertain [3][4]. - The company has lost management control over 68 hotels due to a debt-related takeover, further complicating its operational landscape and asset management [4]. - The ongoing asset sales and restructuring efforts are seen as necessary steps for R&F to navigate its financial difficulties, but the path to sustainable recovery remains challenging [7].

Group 1 - R&F Properties is facing judicial auctions of its hotel assets, including the R&F Wanda Hotel in Zhengzhou, with a starting price of approximately 328 million yuan, which is about 69% of the reference price of 469 million yuan [1] - The company has previously sold hotel assets in Changsha and Quanzhou for 513 million yuan and 331 million yuan respectively [1] - Multiple properties from well-known real estate companies are expected to be auctioned in cities like Shanghai and Shenzhen in the near future [1] Group 2 - The auction of properties owned by Pan Hai Holdings is linked to financial disputes, with a court ruling requiring the company to repay approximately 205 million yuan by March 31, 2023 [3] - Following the failure to repay, a forced execution was requested by Guangzhou Guangyong Investment Management [3] - In September, 79 properties in Shenzhen were auctioned, with only 2 sold, indicating challenges in the auction market [4] Group 3 - The overall judicial auction market has seen a significant number of high-value properties entering the market, with 605,000 properties listed and a transaction rate of 22.8% in the first ten months of 2025 [4][5] - The average transaction price for judicial auction properties was 4,668 yuan per square meter, reflecting a 12.3% year-on-year decline [5] - A notable trend is the increasing presence of normal second-hand properties in the judicial auction market, with about 9.4% of transactions being regular assets [6]