Renowned real estate companies applying for bankruptcy reorganization? Emergency response from R&F Real Estate: There is no reason for insolvency and normal operation | Information | Response

Release time:Apr 14, 2024 05:03 AM

On July 13th, according to information disclosed on the National Enterprise Bankruptcy Reorganization Case Information Network, Guangzhou Fuli Real Estate Co., Ltd. was applied for bankruptcy reorganization by Guangdong Xiangzheng Trading Co., Ltd. and Guangzhou Guangfeng Concrete Co., Ltd. The handling court was the Guangzhou Intermediate People's Court in Guangdong Province.

According to publicly available market information, R&F Real Estate has responded to this matter: the above-mentioned incident is a bill dispute between Guangzhou R&F Real Estate Co., Ltd. and its subsidiary Guangzhou Tianli Construction Engineering Co., Ltd., Guangzhou Guangfeng Concrete Co., Ltd., and Guangdong Xiangzheng Trading Co., Ltd. During the execution of the settlement, a written settlement agreement was not signed due to the failure to reach an agreement on commercial conditions. During this process, Guangfeng Concrete and Xiangzheng Trading applied for bankruptcy liquidation to the Guangzhou Intermediate People's Court due to insufficient assets and lack of solvency of Guangzhou R&F.

What is being filed for bankruptcy reorganization? According to the relevant provisions of the Enterprise Bankruptcy Law of the People's Republic of China, if the debtor is unable to repay its due debts, the creditor may apply to the people's court for reorganization or bankruptcy liquidation of the debtor.

R&F Real Estate stated, "Currently, Guangzhou R&F's assets are higher than its liabilities, and there is no situation of insolvency and normal operation. There is no reason for bankruptcy; negotiations with Guangfeng Concrete and Xiangzheng Trading are actively underway for settlement."


Renowned real estate companies applying for bankruptcy reorganization? Emergency response from R&F Real Estate: There is no reason for insolvency and normal operation | Information | Response

On the evening of July 13th, R&F Property announced on the Hong Kong Stock Exchange that the company had not received any court documents related to the accused application; Our company is currently negotiating with the applicant regarding several bill disputes with an amount of approximately RMB 20 million, but no settlement agreement has been reached; Our company's net assets are positive and there is no situation of insolvency; The company's business activities remain normal.

It is worth noting that this is not the first time that Guangfeng Concrete and Guangdong Xiangzheng have filed a bankruptcy application against the R&F series company in response to this dispute. It is reported that at the beginning of the year, the two companies respectively applied to the court for bankruptcy liquidation of Tianli Construction on the grounds that the respondent Tianli Construction was unable to repay its due debts and its assets were insufficient to repay all debts.

As of the close on July 13th, R&F Real Estate closed at HKD 1.23, up 2.5%.

According to the 2022 annual report data previously disclosed by R&F Real Estate, the company's operating revenue in 2022 was 35.19 billion yuan, a year-on-year decrease of 54%; The company's owners should account for a loss of 15.74 billion yuan, a year-on-year decrease of 4.4%; The gross profit margin is 10.87%, a year-on-year decrease of 17.56 percentage points. In addition, the total debt of R&F Real Estate has decreased from a high of 19.1 billion yuan in 2019 to 126.7 billion yuan in 2022.


Renowned real estate companies applying for bankruptcy reorganization? Emergency response from R&F Real Estate: There is no reason for insolvency and normal operation | Information | Response

According to data released by R&F Real Estate on the Hong Kong Stock Exchange on June 9, 2023, the total sales revenue of R&F Real Estate in May 2023 was approximately RMB 1.54 billion, with a sales area of approximately 122100 square meters. As of the end of May, the cumulative total sales revenue was approximately RMB 10.56 billion.

When releasing last year's annual report, R&F Real Estate also pointed out that in the current market environment, high debt levels are not sustainable, so strict measures have been taken to quickly reduce debt balance, including accelerating asset sales and utilizing existing cash resources, rather than further acquiring more land reserves or investing in long-term assets. The management will continue to explore available solutions to further reduce the debt amount to an acceptable level.

Zhongzhi Research Institute stated that real estate companies should not only focus on the present, but also plan for the long term. On the one hand, seize urban opportunities and accelerate sales collection; Investment focuses on high-energy cities and regional deepening; Fully utilize policy support, actively raise funds in areas such as credit, bonds, and equity, and maintain financial stability. On the other hand, business strategies should be balanced, with a focus on developing operational businesses; Applying value engineering methods to enhance product and cost capabilities, thereby enhancing competitiveness.

Two women were stabbed to death and reported to have committed a crime 4 days before the follow-up visit for schizophrenia. Suspect of a bloody murder case in a Hong Kong shopping mall appeared in court today. Male | Last Friday | Murder case
Two women were stabbed to death and reported to have committed a crime 4 days before the follow-up visit for schizophrenia. Suspect of a bloody murder case in a Hong Kong shopping mall appeared in court today. Male | Last Friday | Murder case

According to Hong Kong's Wen Wei Po, a bloody knife stabbing case occurred at Hollywood Square in Diamond Hill last Friday. The police arrested a 39 year old man on suspicion of stabbing two young women, one of whom was stabbed over 30 times. The suspect appeared in the Kwun Tong Magistrates Court this morning. The police at the Kwun Tong Magistrate's Court temporarily charged the suspect with two counts of murder last Sunday. The suspect appeared in court this morning at the Kwun Tong Magistrate's Court. Acting Chief Magistrate Zheng Jihang, after listening to the opinions of both the prosecution and defense, decided to postpone the hearing for two weeks until 9:30 am on June 19th, waiting for two psychiatric expert reports to be obtained. The defense did not object. Zheng Jihang approved the application, and the defendant needs to be temporarily detained at Xiaolan Mental Hospital. When the suspect appeared in court, he wore black framed glasses, a light gray shirt, and camouflage green shorts, and was able to answer the judge's questions normally. accordingly

Secretary of the Provincial Party Committee: The focus of Henan's "summer harvest" has shifted to agricultural machinery in the northern region of Henan Province. | Support | Science | Organization | Province | Northern Henan | Summer Harvest | Rush Harvest
Secretary of the Provincial Party Committee: The focus of Henan's "summer harvest" has shifted to agricultural machinery in the northern region of Henan Province. | Support | Science | Organization | Province | Northern Henan | Summer Harvest | Rush Harvest

Currently, the highly anticipated summer harvest work in Henan has shifted its focus to the northern region of Henan. According to the Henan Daily client, on June 4th, Lou Yangsheng, Secretary of the Henan Provincial Party Committee, presided over a special video scheduling meeting on the "Three Summers" work in the province, listened to the situation report, analyzed and judged the situation, and arranged and deployed the next steps of work. Governor Wang Kai made specific arrangements. On the evening of May 31, 2023, in Xiafutou Village, Xuliang Town, Boai County, Jiaozuo, Henan Province, villagers braved light rain in the wheat fields to harvest wheat. Visual China Map Lou Yangsheng pointed out that the current summer harvest battle in the province has entered the decisive stage. Doing a good job in summer harvest in northern Henan Province is related to the summer grain yield and seed safety. We should focus on seizing opportunities and make every effort to organize the wheat harvesting work in the northern Henan region, minimize losses, and protect the interests of farmers to the greatest extent possible. Accurate forecasting is essential

Xinhua All Media+| Welcome home! What innovative technologies are protecting the return journey of Shenzhou 15? Spaceship | Shenzhou | Technology
Xinhua All Media+| Welcome home! What innovative technologies are protecting the return journey of Shenzhou 15? Spaceship | Shenzhou | Technology

On June 4th, the return capsule of the Shenzhou-15 manned spacecraft successfully landed at the Dongfeng landing site. Astronauts Fei Junlong, Deng Qingming, and Zhang Lu all safely and smoothly exited the spacecraft, and the Shenzhou-15 manned flight mission was a complete success. What innovative technologies are there to safeguard the return journey of Shenzhou 15 in this mission? On June 4th, the return capsule of the Shenzhou-15 manned spacecraft successfully landed at the Dongfeng landing site. Xinhua News Agency reporter Lian Zhen photographed that "the sky and the ground" ensure the high-precision return of spacecraft. For the Shenzhou series spacecraft, the return and re-entry GNC technology is directly related to the life safety of astronauts. Taking the success of this return mission as a symbol, China has comprehensively upgraded its GNC system since the Shenzhou-12 manned spacecraft, which features autonomous rapid rendezvous and docking, autonomous adaptive prediction and re-entry return guidance, and has completed a comprehensive update and replacement

The Chinese naval fleet has arrived! Assembly | Navy | Chinese Fleet
The Chinese naval fleet has arrived! Assembly | Navy | Chinese Fleet

At noon today, a Chinese naval fleet consisting of Zhanjiang and Xuchang ships arrived at the assembly area of the "Comodo-2023" multinational maritime joint exercise. It is understood that the assembly anchorage for this exercise is 3 nautical miles long and 1.5 nautical miles wide, capable of anchoring up to 50 ships. Naval vessels from various countries participating in the exercise will also arrive at the anchorage today to complete the assembly of the "Komodo 2023" multinational maritime joint exercise, which is held every two years by the Indonesian Navy. This year is already the fourth edition of the exercise. The exercise will be held from June 5th to 8th in the city of Jakarta, South Sulawesi Province, Indonesia, including the port and sea phases. In the coming days, participating navies from various countries will participate in ship reading style search and rescue exercises, maritime interception and damage management exercises, aerial exercises, and other course objectives exercises

New comment: Donkey like "morale" limit pulls US debt "bomb" fuse hard to dismantle US | debt | morale
New comment: Donkey like "morale" limit pulls US debt "bomb" fuse hard to dismantle US | debt | morale

On the evening of June 1st, the US Senate passed a bill on the federal government's debt ceiling and budget, and the flame of the US debt bomb was temporarily extinguished at the last moment. The two parties in the United States have staged an extreme tug of war over the US debt bomb. Some experts believe that the US debt crisis is the result of the reckless politics promoted by the US dollar hegemony, and the underlying cause of this crisis is the highly polarized political system of the US. Since the end of World War II, the US Congress has adjusted the debt ceiling more than a hundred times. The recurring debt crisis will not only have a catastrophic impact on the US economy and people's livelihoods, but also continuously erode the value of US dollar assets such as government credit and US bonds, bringing significant and far-reaching impacts to the global economic landscape. 【