R&F Properties announced on the evening of the 29th on the Hong Kong Stock Exchange that Zhang Zhang has resigned as the company's director and chief executive officer since December 29, 2023.
As a co-founder of the company, Zhang Li has played an important role in managing the company for nearly three decades and laid an important foundation for the group, the company said. Zhang Zhang has confirmed that there is no difference of opinion with the Board.
At the end of 2022, Zhang Zhang was arrested in London and faces extradition proceedings due to accusations by the United States that he won a business contract in California through kickbacks.
On the evening of December 12, 2022, R&F Group*** issued a statement saying, "Zhang Li has been charged with bribery for hosting a banquet in China and providing hotel accommodation for a former director of public works in San Francisco, USA, and we are taking legal action against this false accusation."
In June 2023, Zhang agreed to be extradited to the United States. In July, Zhang Zhang flew back from the United States. The news also mentioned that a press release disclosed by the U.S. Attorney's Office for the Northern District of California showed that Zhang Zhang had reached an agreement with prosecutors to postpone the prosecution. If Zhang complies with the terms of the deferred prosecution agreement, the charges will be dropped after three years.
R&F Properties was frozen in the amount of equity 4900 million.
Tianyancha APP shows that recently, R&F Real Estate has added two new equity freezing information, and the amount of frozen equity is 100 million yuan and 3900 million yuan, the enterprises whose equity is enforced are Shenzhen R&F Real Estate Development and Guangzhou R&F Jiasheng Real Estate Development are frozen for 3 years, and the enforcement courts are Shenzhen Intermediate People's Court and Guangzhou Intermediate People's Court of Guangdong Province. According to the risk information, at present, R&F Real Estate has more than 50 pieces of information on persons subject to execution, with a total amount of more than 8.7 billion yuan. In addition, the company also has a number of equity freezes, consumption restriction orders, judgment defaulters and final case information. On December 19, R&F Properties announced that the company has recently had 2 pieces of information on dishonest judgment debtors.
R&F Properties is temporarily exempt from bankruptcy liquidation.
On July 13, 2023, Guangzhou R&F Real Estate Co., Ltd. added 2 bankruptcy review cases, the applicants were Guangzhou Guangfeng Concrete *** Guangdong Xiangzheng Commerce and Trade *** On July 14, the Guangzhou Intermediate Court rejected the application.
The 21st Century Business Herald reporter obtained the news from R&F, which is mainly due to the fact that there is a bill dispute of about 20 million yuan between the two parties, and the written settlement agreement was not signed due to the failure to reach an agreement on commercial conditions in the implementation of the settlement. In this process, Guangfeng Concrete and Xiangzheng Commerce and Trade applied to the Guangzhou Intermediate People's Court for bankruptcy liquidation on the grounds that Guangzhou R&F had insufficient assets and lack of solvency.
In July this year, R&F responded to the 21st Century Business Herald reporter and emphasized that Guangzhou R&F's current assets are higher than liabilities, there is no insolvency, and the operation is normal, there is no cause for bankruptcy, and Guangfeng Concrete and Xiangzheng Commerce and Trade are actively negotiating and reconciling.
It should be pointed out that R&F Properties' current overdue debt is still high.
According to Fitch's audited 2022 financial report, R&F Properties' 2022 financial report was quoted by Fitch, and as of the end of March 2023, its bank loans and other borrowings of RMB29 billion were either in default or cross-default.
Wind data shows that R&F Properties' revenue in the first half of 2023 is 1659.9 billion yuan, down 7 percent year-on-year42%；The net profit loss was 510.9 billion yuan, an increase of 26 percent year-on-year17%。
*: 21st Century Business Herald.
Edited by Jia Kai and reviewed by Jiang Bo and Du Haifeng.