R&F Real Estate (02777) announced its annual results for the year ended December 31, 2023. The group obtained turnover...
According to the Zhitong Finance App, R&F Real Estate (02777) announced results for the year ended December 31, 2023. The group achieved a turnover of RMB 36.239 billion (same unit), an increase of 2.97% over the previous year; losses attributable to company owners were RMB 20.064 billion, an increase of 28.14% over the previous year; and a loss of 5.3738 yuan per share.
In 2023, the total turnover was 36.2 billion yuan, mainly from property sales. Property sales reached $27.8 billion, including 3 million square meters of sold and confirmed floor area. The average sales price was $9270 per square meter, up from 2022. The annual increase in hotel turnover of 54% can offset the decline in property sales. Hotel turnover is expected to recover further in 2024 as leisure and tourism activities increase. Due to the increase in leisure and business travelers at home and abroad in China, hotel occupancy rates and room prices have increased, and hotel turnover has benefited as a result. Overall operating costs remained stable, with a slight increase compared to 2022. Compared to 2022, despite the further deterioration of the pre-sale environment and management adjusted expenses accordingly, business performance remained stable in 2023. Overall financing and interest costs have indeed been optimized, mainly due to the extension of cash interest on senior notes and the overall improvements brought about by deleveraging.