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Distressed developer Guangzhou R&F Properties plans to sell a London property project to ease its debt burden. The property will be sold for a nominal fee of HK$1 ($0.13) plus a minimum principal amount of $800mn in debt as compared to a valuation of £1.34bn ($1.69bn). R&F signed a letter of intent to sell the holding company of Market Towers at 1 Nine Elms Lane to a special purpose vehicle (SPV) owned by Cheung Chung Kiu, the chairman of Hong Kong Developer C C Land Holdings.
R&F’s dollar bonds are trading at deeply distressed levels of 5-6 cents on the dollar.