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China’s R&F Properties has been set to a “selected” default state by S&P

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LONDON, Jan. 13 (Xinhua) – Chinese company Guangzhou R&F Properties, which has a number of major projects in global cities such as London, announced its Hong Kong subsidiary on Thursday as a “selected default” following a delay in bond payments. .

The troubled firm S&P Global took such a step after the troubled firm was allowed to defer payment of $ 725 million in unsecured banknotes due by creditors on Thursday.

“We consider the transaction to be a difficult restructuring equated to default because R&F HK does not have sufficient resources to fully repay overdue notes in the absence of a transaction and has limited funding opportunities,” S&P said.

“Also, due to the six-month extension and the tender price being 17% lower than the face value for one of the bidding options, investors will be paid less than originally promised.”

S&P, R&F’s parent company Guangzhou R&F Properties Co. Ltd said its rating had not changed at the CC level because it was not a guarantee of the bond, although it warned it could cut it.

“After we review the financial and liquidity status of the companies, we will review the credit profiles of Guangzhou R&F and its subsidiary R&F HK,” S&P said.

“The group faces several hurdles to significantly improve its weak liquidity.”

R&F is the latest Chinese builder to face turmoil. China’s Evergrande, the world’s most indebted manufacturer, which defaulted late last year, has hit the country’s property market in a bid to curb excessive debt and grievances.

R&F’s struggles are being closely watched, as in some cities around the world, as a number of its unfinished mega projects, including the acquisition of another Chinese firm for 59 million pounds ($ 80.96 million) in 2018 on the Thames in London. received Here he faced difficulties at the time.

$ 1 = £ 0.7288 Mark Jones Report, edited by Thomas Janowski

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