Chinese developer R&F Properties said that, as of the end of June, the company and its subsidiaries had a total of 30.73 million yuan worth of commercial papers overdue, according to a filing to the Hong Kong Stock Exchange.
The company and its subsidiaries are currently facing periodic liquidity stress as its sales and fundraising activities have been sluggish due to weakening macro economic environment and industry environment, it said.
In particular, the developers’ sales slumped, with sales in the first half of the year reaching 13.5 billion yuan, slumping by about 49% from the same period in 2022, it said.
The company is currently in active communication with related parties for a solution to the issue of the overdue commercial papers, it said.