Chinese court rejects creditors' application to wind up Guangzhou R&F -media (updated)

Guangzhou R&F Properties

14/07/2023 11:32

(Adds detail paragraphs 2-5)
       BEIJING, July 14 (Reuters) - A Chinese court has
rejected two creditors' application for a bankruptcy
restructuring of developer Guangzhou R&F Properties'  2777.HK 
on Friday, according to China Securities Journal. 
    The developer's 2021 and 2022 financial reports show it had
more than 110 billion yuan ($15.41 billion) in assets, the
Journal said citing a response from R&F.
    It noted the court found R&F's operations were normal and no
evidence to show it was insolvent.
    R&F did not immediately respond to a request for comment.
    Notices in an official database showed this week that
creditors Guangdong Xiangzheng Trade and Commerce Co. and
Guangzhou Guangfeng Concrete Co. had applied to the Guangzhou
Intermediate People's Court for a winding-up reorganisation
against R&F, a rare court tactic against a mid-sized firm of its
kind.
    The dispute was over 20 million yuan ($2.80 million) worth
of commercial paper, R&F said in a statement on Thursday, adding
it was not in insolvency and would seek legal measures to
"resolutely" oppose the application.
        ($1 = 7.1369 Chinese yuan renminbi)

 (Reporting by Beijing Newsroom and Clare Jim in Hong Kong;
editing by Christina Fincher and Jason Neely)
 ((Ethan.Wang@thomsonreuters.com;))