Sep 07, 2022 07:32 AM

FINANCE

Distressed R&F Dumps Beijing Hotel at a Loss

By Wang Jing and Han Wei

Established in 1994 and listed in Hong Kong in 2005, R&F was once the leader of the biggest developers in southern China known as the “Five South China Tigers.”

Established in 1994 and listed in Hong Kong in 2005, R&F was once the leader of the biggest developers in southern China known as the “Five South China Tigers.”

Guangzhou R&F Properties Co. Ltd. sold a Beijing hotel at a loss to raise cash for debt repayment, underscoring the distressed developer’s deepening woes amid the prolonged property industry crisis.

R&F agreed to sell its entire stake in Wanda Realm Beijing, a five-star luxury hotel in the western part of the capital city, to Beijing Yingxie Property Investment Co. for 550 million yuan ($79 million), R&F said Monday.

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