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Guangzhou R&F: Repricing The Business Model

Guangzhou R&F (“the group” or “R&F”) is a mid-sized Chinese property developer with a strong entrenched product and execution track record in predominantly Tier 1 and 2 residential/​commercial property markets such as Guangzhou, Beijing and Tianjin. It has embarked on nationwide ambitions in recent years by venturing into Tier 3 and 4 cities, but not quite at the scale or magnitude of some of its nationwide peers. Nevertheless, it does share similar attributes to some of its more aggressive peers through the group’s extensive use of trust finance and perpetual capital instruments. Hence, overleverage has been a concern in recent years.

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