HK Stock Market Move | R&F PROPERTIES (02777) fell by more than 8%, selling 100% equity of Qinhuangdao Jifu Real Estate Development Co., Ltd. to Power Qinhuangdao.

R&F PROPERTIES (02777) fell more than 8%, as of the time of publication, down by 8.66% to 1.16 Hong Kong dollars, with a trading volume of 101.62 million Hong Kong dollars. In terms of news, R&F PROPERTIES announced that on January 6, 2025, the Board of Directors approved the company's sale framework agreement with Hainan Hangxiao, Beijing R&F City, Beijing R&F Tianchuang, the Target Company Qinhuangdao Jifu Real Estate Development Co., Ltd. and Force Qinhuangdao on the transaction matters. The announcement stated that the transaction enabled the group to use the properties held by the group to repay the group's debts to KINETIC DEV Group, thereby reducing the group's cash outflows. It is reported that the Target Company is mainly engaged in the development of the Target Property. Prior to the completion of the equity transfer, the Target Company was held by Beijing R&F City with 99.7% and Beijing R&F Tianchuang with 0.3%. The Target Property is a real estate development project located south of the Songshi Golf Course in Beidaihe District of Qinhuangdao City, Hebei Province, west of Tuofeng Road, and north of the planned Ciqian Road, with a total land area of approximately 166,900 square meters and a total construction area of 87,989 square meters. The project will include villas, apartments, and commercial buildings. As of the date of this announcement, the Target Property is currently under development and is expected to be completed by 2030.