Guangzhou R&F Properties Co (HK:2777) has released an update.
Guangzhou R&F Properties Co. is facing winding-up petitions for its subsidiaries, Trillion Glory and R&F (HK), due to non-repayment of loans. The company disputes the petitions, claiming they don’t represent other stakeholders’ interests and are destructive to creditor recoveries, given that the loan is well collateralized with significant real estate assets. Meanwhile, the firm is working with financial and legal advisors to devise a comprehensive debt restructuring plan to ensure the group’s long-term viability.
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