---
title: "R&F Hong Kong subsidiary faces liquidation petition, emphasizing sufficient collateral"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/212205439.md"
description: "After completing all debt restructuring, R&F PROPERTIES still faces a funding crisis. The group recently received a winding-up petition for the unpaid loan of R&F Hong Kong, scheduled for hearing on October 30th. The R&F board emphasized that the winding-up petition does not represent the demands of stakeholders, as it is only filed by a creditor. The group pointed out that the relevant loan is sufficiently secured by collateral, including equity of a wholly-owned subsidiary, and creditors should be able to enforce the collateral through forced execution rather than liquidation. R&F PROPERTIES is seeking legal advice to protect its own interests"
datetime: "2024-08-22T02:15:29.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/212205439.md)
  - [en](https://longbridge.com/en/news/212205439.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/212205439.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/212205439.md) | [English](https://longbridge.com/en/news/212205439.md)


# R&F Hong Kong subsidiary faces liquidation petition, emphasizing sufficient collateral

R&F PROPERTIES (02777) has completed the restructuring of all domestic and overseas bonds, but still cannot escape financial difficulties. The group announced that it received a winding-up petition yesterday (19th) regarding the unpaid loans and interest payable by R&F Hong Kong, to be heard in the High Court on October 30. R&F's stock price is currently at HKD 0.77.

Another subsidiary of R&F PROPERTIES, Zhao Xi, received a winding-up petition on July 8 for outstanding loans, with the petition to be heard in the High Court on September 25.

The board believes that the petitions against Zhao Xi and R&F Hong Kong do not represent the interests of Zhao Xi, R&F Hong Kong, or other stakeholders of the company. The petitioner is only one of the lenders of the loan, holding 18% of the outstanding principal amount.

The group stated that the loan is sufficiently secured, including all the equity of a wholly-owned subsidiary pledged as collateral, which indirectly owns 68 hotels and an office building in China. Secured creditors can enforce their rights by seizing the collateral, rather than applying for the winding-up of the subsidiary. Any attempt to wind up the subsidiary would impair value and reduce the recoveries available to creditors.

R&F PROPERTIES indicated that it is seeking legal advice on these petitions and will take all necessary actions to protect its legal rights

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- [R&F PROPERTIES (02777.HK)](https://longbridge.com/zh-HK/quote/02777.HK.md)

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