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Chinese private-run property developer R&F Properties said that its net loss for the first half of the year narrowed by 26.17% year over year to 5.109 billion yuan in the first half of 2023, compared to a net loss of 6.92 billion yuan in the same period in 2022.
Revenue declined by 7.7% year over year to 16.42 billion yuan. No interim dividend was declared.
In breakdown, the company’s rent revenue reached 416 million yuan, rising by 2% from a year earlier, hotel operation turnover surged to 2.98 billion yuan from 1.78 billion yuan a year ago, mainly driven by the rapid recovery of China’s travel demand business activities.
By the end of June, bank loans, onshore bonds, senior notes and other debt stood at 137.6 billion yuan, of which 48.1 billion yuan will come due within the next 12 months, and the group had 9.99 billion yuan of cash.
The company said it currently working with buyers of several overseas projects to conduct due diligence, which is expected to be completed by the end of the year.
In addition, the project of One Nine Elms in London is expected to be completed by the end of the year and the project will bring about 49,000 square meters of completed residential and service apartments to the market.
