Guangzhou R&F Properties hits 8-mth low on facing bankruptcy restructure demand

Guangzhou R&F Properties

14/07/2023 03:06

** Shares of China's Guangzhou R&F Properties  2777.HK  fall
as much as 8.9% to HK$1.12, their lowest since Nov. 4 
    ** Stcok on course for the biggest one-day pct decline since
December 20, if losses hold; biggest pct loser in Hang Seng
Composite Index  .HSCI  and in Hang Seng Composite Index on
properties and construction stocks  .HSCIPC  
    ** Two creditors of R&F Properties have sued the property
developer to seek a bankruptcy restructuring, notices in an
official database showed
    ** The dispute was over 20 million yuan ($2.8 million) worth
of commercial paper, R&F Properties said in a separate
statement, adding it was not in insolvency and would seek legal
measures to "resolutely" oppose the application
    ** The developer also said it has not received any relevant
court document relating to the application
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 1% and
the Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  slips 0.4%
    ** The Hang Seng Composite Index  .HSCI  climbs 0.5% and the
Hang Seng Index  .HSI  gains 0.6%
    ** As of last close, the stock had dropped 35.3% this year 
    ($1 = 7.1448 yuan) 
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))