R&F Properties recorded 16.5 bn yuan loss for 2021, nearly 30 billion yuan debt defaulted, cross-defaulted
R&F Properties recorded 16.5 bn yuan loss for 2021, nearly 30 billion yuan debt defaulted, cross-defaulted

R&F Properties recorded 16.5 bn yuan loss for 2021, nearly 30 billion yuan debt defaulted, cross-defaulted

 

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China’s R&F Properties recorded a loss attributable to the owner of 16.469 billion yuan for the year ended December 31, 2021, according to its audited annual results.

The developer’s total bank borrowings, domestic bonds, senior notes and other borrowings amounted to 137.2 billion yuan by the end of last year, of which 70 billion yuan will come due within the next 12 months, and meanwhile it has total cash including restricted cash of 21.104 billion yuan.

The company is unable to repay certain bank and other borrowings of 7.007 billion yuan as of the end of 2021, and after that, it’s unable to repay debts of 10.029 billion yuan so far this year. A total of 29.883 billion yuan of bank loans and other borrowings became default or cross-default, it said.

Looking ahead in 2022, the developer has over 200 projects for pre-sale with expected 220 billion of saleable resources, it said.

With abundant land bank available for development, the company will look to continue to replenish saleable resources to maintain a steady growth. In 2022, R&F Properties has disposed of non-core assets overseas and accelerated pre-sales for overseas projects to reduce liabilities and replenish working capital, it said.