Guangzhou R&F Properties clarified that it does not have any loan or debt guarantees with Seedland Real Estate Development. R&F also added that it has no shareholding relationship with Seedland. R&F said that the clarification was on the back of media speculation on the relationship between the two companies. Zhang Liang, a director of Seedland, is son of Guangzhou R&F Properties CEO Zhang Li, according to a filing. In early May, Seedland clarified that it had repaid in full commercial bills due after online rumors that one of its units failed to make payments.
R&F’s bonds due 2024 issued by Easy Tactic have dropped over 20% since June and the company also breaches two of the three red-lines metrics as per its last published results. Easy Tactic’s 8.625% 2024s and 8.125% 2024s are trading at 74 cents on the dollar