According to Zhitong Finance App, R&F Real Estate (02777) announced that on February 6, 2024, R&F Properties (Hong Kong) Limited (seller), a wholly-owned subsidiary of the company, signed a letter of intent with London One Limited (buyer). The seller and buyer agreed to enter into a final agreement within ten (10) business days after obtaining the lender's consent. According to the final agreement, the seller plans to sell to the buyer all the issued share capital of the target company R&F International Real Estate Investment Co., Ltd. and all loans owed by the target company to the seller. The price of the shares to be sold will be paid in cash, while the cost of the loan to be sold is all existing notes that the buyer will receive in accordance with the exchange offer. The minimum principal amount for all such existing notes will be US$800 million.
All completed conditions have been met or waived (where applicable), and the completion was implemented on May 8, 2024. After completion, the target company will no longer comprehensively record the financial results of the company's subsidiaries and the target group in the company's financial statements.