Another real estate company wants to become a "fairy stock"?! Executed over 11.3 billion commercial bills | Market | Fairy stocks

Release time:Apr 15, 2024 04:59 AM

R&F Real Estate seems to be still in a tumultuous period.

The total execution amount exceeds 11.3 billion yuan

According to the China Execution Information Disclosure Network, Guangzhou R&F Real Estate Co., Ltd. has recently added two new pieces of information on executed persons, with the executed subject matter exceeding 3.1 billion yuan. The executing court is the Guangzhou Intermediate People's Court. According to the risk information on the Tianyancha APP, the company has dozens of information about executed persons, with a total amount of over 11.3 billion yuan executed. At the same time, there are also multiple consumer restriction orders, dishonest executed persons, and information about the final case.

On August 10th, R&F Real Estate announced the situation of overdue commercial bills. As of June 30th, 2023, the company and its subsidiaries had two commercial bills with an amount of 10 million yuan that were overdue. The total overdue amount of the above-mentioned commercial bills was 30.7274 million yuan.

The announcement shows that R&F Real Estate and its subsidiaries may face additional costs such as paying penalty interest due to overdue commercial bills, as well as risks such as litigation, arbitration, and property preservation. R&F Real Estate is actively communicating with relevant parties to coordinate and resolve the issue of overdue commercial bills. The company attaches great importance to the rights and interests of all investors/creditors. In the future, the company will continue to pay attention to its own debt situation and plan repayment arrangements reasonably based on its own business situation. R&F Real Estate stated that due to multiple factors such as macroeconomic and industry conditions, the company's sales and financing businesses have been sluggish, and the overall liquidity pressure on the company. Especially, the company's sales situation has continued to decline significantly, with a total contracted sales amount of 13.54 billion yuan from January to June 2023, a year-on-year decrease of about 49% compared to 2022. In the aforementioned context, the occurrence of overdue commercial bills by the company and its subsidiaries due to temporary financial constraints.

Another real estate company wants to become a "fairy stock"?! Executed over 11.3 billion commercial bills | Market | Fairy stocks

In addition, R&F Real Estate also stated that as of December 31, 2022, the total amount of bank loans, domestic and foreign loans, and other borrowings of the company was 135.11 billion yuan. In response to the repayment of the aforementioned debts, the company is taking various measures such as increasing sales and revitalizing company assets to raise funds. The overdue commercial bills are not expected to have a significant adverse impact on the repayment of other debts of the company.

At the end of July, Zhang Li, Chairman and CEO of R&F Real Estate, and Li Silian, another founder and chairman of R&F Real Estate, attended the opening ceremony of Guangzhou R&F Hospital. On July 20th, there were rumors in the market that tension had returned to the domestic market. According to market reports, a press release released by the Northern District Prosecutor's Office in California shows that Zhang has reached an agreement with the prosecution to extend the prosecution. If Zhang Li complies with the relevant provisions of the deferred prosecution agreement, the charges will be withdrawn in three years.

As of August 21st, R&F Property reported a total market value of HKD 3.9 billion at HKD 1.04. If the subsequent stock price falls below HKD 1 per share, it will become a "fairy stock".

How to restore confidence for distressed real estate companies

R&F Real Estate is expected to release its performance on the 28th, and several listed real estate companies have also released their performance reports or forecasts for the first half of 2023. From the performance forecast information disclosed by real estate companies, many of the reasons for their losses point to the decrease in gross profit margin caused by changes in the market environment and the structure of the downward project of real estate sales, as well as the partial value loss caused by the sales strategies adopted to cope with market changes, and the expected net exchange loss caused by foreign exchange fluctuations.

"Due to the combination of multiple unfavorable factors, some real estate companies have indeed encountered certain difficulties in their operations. Poor expectations and unstable demand are also one of the main factors restricting the recovery of the real estate market. Despite the delay in seeing the actual effect of various optimization policies to promote market recovery, risks are constantly accumulating." According to Bai Wenxi, Chief Economist of IPG China, due to the differences in their own situations and different abilities to adapt to market changes, the sales and profits of real estate companies will continue to differentiate in the second half of the year.

Recently, heavyweight signals in the real estate market have been frequently released. For real estate companies, extending the application period of the relevant policies of the "16 Financial Articles" by one year has also to some extent alleviated the financial pressure faced by real estate companies. In addition, several distressed real estate companies have also resumed trading in the stock market.

In addition to waiting for the overall industry environment to warm up, Bai Wenxi also mentioned that some affected companies can accelerate debt restructuring in response to the current market conditions and their own operating conditions, and strive to increase business transformation efforts while restoring operations as soon as possible to improve overall performance. On this basis, enterprises may also need strategic restructuring or even business type adjustments, and corresponding management and organizational restructuring are also essential.

In the eyes of many industry insiders, for some distressed companies, resuming operations is only the first step, and returning the company to normal operations is the good medicine to restore investor confidence.

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