Summary by Moomoo AI
R&F Properties faced financial pressure in the first half of 2024 and was unable to pay the interest on its preferred notes and was involved in several major lawsuits. As of June 30, 2024, the company's total borrowings were RMB 113.83 billion, with short-term borrowings of RMB 56.87 billion. The company has taken multiple measures to improve its financial situation, including discussing loan extensions with lenders, accelerating property sales, and selling non-core assets. However, due to market volatility and uncertainty about ongoing support, there is significant uncertainty about the company's ability to successfully implement these plans. The company recorded a net loss of approximately RMB 2.331 billion in the first half of 2024, and its total equity as of June 30, 2024, was RMB 4.421 billion.
