Embattled Developer R&F Offloads London Project for Debt Relief

China’s distressed developer Guangzhou R&F Properties Co. Ltd. said it plans to sell a development project in London for HK$1 ($13 cents) in an attempt to trim $800 million debts.

Hong Kong-listed R&F said it has signed a preliminary agreement to sell a unit to develop the One Nine Elms project in central London to London One Limited, a special purpose vehicle owned by Hong Kong tycoon Cheung Chung Kiu, chairman of Hong Kong builder CC Land Holdings Ltd.