R&F Properties is under great pressure to repay its debt. What do you think of the company’s prospects?

Currently, R&F Real Estate's leverage pressure is relatively high, and its hotel industry is also facing huge losses, so R&F's prospects are not good. Recently, some media revealed that due to operational difficulties, R&F Properties will lay off 30 employees in the company next year, and the company has also stopped related recruitment activities. Subsequently, R&F Properties issued an announcement to clarify that the report was a rumor and the company had not suspended any sign activities. Some media checked R&F Properties' latest financial report and found that its latest data showed that the company had only 39,244 employees, while last year it had 59,000 employees, which means there were 20,000 fewer people in one year. However, R&F Real Estate clarified that it was because the company sold a property company, which resulted in a significant reduction in employees, and it was not a layoff.

In terms of financial data, R&F's financial report showed that the latest quarter revenue fell by 4% and profit fell by 6% to only 3.9 billion yuan. The decline in profits is not only due to the impact of the epidemic, but also mainly due to problems with its business. Three years ago, R&F acquired 77 Wanda hotels for nearly 20 billion. It originally thought it was a big bargain, but it was discovered after the acquisition was completed. problem. First of all, R&F's hotel business itself was losing money, and then after accepting Wanda Hotels, the losses directly doubled. In 2019, the hotel business loss reached 1 billion. Coupled with the impact of the epidemic in 2020, R&F's hotel business continued to be sluggish.

The performance of its main business, the real estate industry, is also not good. In the early days, R&F bought a large amount of land. Later, due to the slowdown in housing prices, the capital chain gradually became tight. Now it has all these lands in its hands. A report analyzed that R&F has not achieved its expected goals for many years, and its performance has continued to decline.

Recently, R&F sold one of its logistics parks to Blackstone at a low price. It is not difficult to make people wonder whether its financial situation is really in trouble. According to industry analysts, R&F Real Estate's liabilities in the first half of the year exceeded 35 billion yuan, and debt due within one year reached 69.4 billion yuan, with a net debt ratio as high as 177. Many people began to worry about its financial burden.