Mingtiandi

Asia Pacific real estate investment news and information

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Remember Me

Lost your password?

Register Now

Loading...
  • Capital Markets
  • Events
    • Mingtiandi 2025 Event Calendar
    • Mingtiandi APAC Residential Forum 2025
    • Mingtiandi Singapore Forum 2025
    • Mingtiandi APAC Logistics Forum 2025
    • Mingtiandi APAC Data Centre Forum 2025
    • Mingtiandi Tokyo Forum 2025
    • More Events
  • MTD TV
    • Residential
    • Logistics
    • Data Centre
    • Office
    • Singapore
    • Tokyo
    • Hong Kong
    • All Videos
    • Post-Event Stories
  • People
    • Industry Moves
    • MTD TV Speakers
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Guangzhou R&F Hit With Wind-Up Petition by Temasek-Linked Fund

2024/07/09 by Christopher Caillavet Leave a Comment

R&F signed a deal to sell London project One Nine Elms earlier this year

Guangzhou R&F Properties on Monday was served with a winding-up petition in Hong Kong’s High Court by a creditor linked to Singapore’s Temasek Holdings, with the legal motion coming despite a recent series of restructuring deals agreed with the Chinese developer’s bondholders.

SeaTown Private Credit Master Fund filed the petition against R&F subsidiary Trillion Glory in relation to the non-repayment of the fund’s share of an outstanding loan with $613.66 million in principal and accrued interest, the developer said Tuesday in a filing with the Hong Kong stock exchange.

“The board of directors of the company is of the view that the petition does not represent the interests of other stakeholders of the subsidiary and the company,” R&F said. “The petitioner is only one of the lenders of the loan holding only 18 percent of the outstanding principal amount of the loan.”

The petition is scheduled to be heard before the High Court on 25 September. The fund’s manager, SeaTown International, is owned by Seviora, an asset management unit of Singaporean state investor Temasek.

Collateralised Loan

The outstanding loan is collateralised by, among others, a pledge over the entire equity interest of an R&F subsidiary that indirectly holds 68 hotels and an office building in China, according to the developer led by chairman and co-founder Li Sze Lim.

Li Sze Lim of R&F Properties (Getty Images)

R&F co-founder and chairman Li Sze Lim (Getty Images)

A secured creditor may exercise its right to enforce the collateral instead of petitioning for winding-up, R&F said, adding that any wind-up attempt would be value-destructive and would diminish recoveries for creditors.

R&F has been “proactively communicating” with the SeaTown fund and seeking legal advice as to the appropriate course of action in response to the petition, it said.

“Based on the information currently available, the company does not believe that the petition would have any meaningful impact on the business operations of the group,” R&F said.

In April, R&F averted default on an £800 million project loan for its One Nine Elms development in southwest London, signing a deal to sell the $1.3 billion condo and hotel project to Chinese tycoon Cheung Chung-kiu of CC Land after winning consent from bondholders to restructure an existing financing deal linked to the asset.

The restructuring followed a July 2022 deal in which bondholders agreed to give the company more time to pay off its obligations.

In May, R&F agreed to sell its Vauxhall Square site in southwest London to an investor backed by Middle Eastern money, Bisnow reported. R&F had previously agreed to sell Vauxhall Square to Hong Kong’s Far East Consortium in March 2022, only to buy it back in September. In October of that year the developer announced that it would sell the project to Flow Capital, an investment firm backed by New World scion Adrian Cheng.

Courting Trouble

Guangzhou R&F is the latest Chinese developer compelled to answer a wind-up petition during a year that kicked off with the court-ordered liquidation of property giant China Evergrande.

Most recently, Sino-Ocean Group last month received a winding-up petition filed by Bank of New York Mellon relating to the Beijing-based builder’s failure to make payments on offshore bonds due in 2026 with a principal amount of $400 million.

Also in June, Hong Kong’s High Court gave Shenzhen-based Kaisa Group Holdings a seven-week reprieve to continue working on a debt restructuring plan in order to avoid liquidation.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: daily-sp, Featured, Guangzhou R&F Properties, Temasek Holdings, winding up

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

  • This field is for validation purposes and should be left unchanged.

MTD TV

Liz Chu Weave Living
Blackstone, Weave, Lofter and Fairland Go Granular for Hong Kong Value-Add
Consumption Shift Drives Demand, Higher Rents for Japan Logistics – MTD TV

More MTD TV Videos>>

People in the News

Alan Miyasaki of Blackstone
Blackstone Rejigs Asia Real Estate Leadership as Alan Miyasaki Departs Singapore
Thomas Viertel Vita
Asia Real Estate People in the News 2025-09-08
Ian Liem SC Capital
Asia Real Estate People in the News 2025-09-01
Jun Ando
Schroders Names Former OTPP Exec Ando APAC Head as Moore Moves to Chairman Role

More Industry Professionals>>

Latest Stories

Centurion group CEO Kong Chee Min
Centurion REIT IPO 70% Committed at $1.2B Valuation and More Asia Real Estate Headlines
Jeremy Deutsch Vantage
Vantage Announces $1.6B Investment From ADIA, GIC – Confirms Yondr Johor Deal
Jonathan Zhu Bain Capital
Bain Capital Sells China Data Centre Business to Local Consortium for $3.9B

Sponsored Features

Bernie Devine,
From Tools to Traction: Where Real Estate Tech is Heading in 2026
Fiona Ngan, Colliers Hong Kong
In a Market of Caution, Tenants Have The Upper Hand in Hong Kong’s Office Sector
How to Create a Win-Win for Investors and Occupiers

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Mingtiandi 2025 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Memberships
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2025 China Advertising Media Ltd (Samoa). All rights reserved.

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy.