• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Guangzhou R&F group to sell Beijing hotel to get cash

Sep 08, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  


Guangzhou R&F group to sell Beijing hotel to get cash

Guangzhou R&F Properties Co Ltd said in a filing this week it was disposing of the Beijing Hotel in China’s capital, for a consideration of CNY550 million (US$79.0 million). The Chinese developer is parent of R&F Korea (RFKR), which is pledged to open an integrated resort with foreigner-only casino, at Incheon in South Korea.

The information on the Beijing property disposal was given in a filing to the Hong Kong Stock Exchange.

In March, the R&F Korea unit was given by the South Korean authorities a one-year extension until March 17, 2023 to open its Midan City Resort [site pictured in a file photo] including a casino, in that country’s Incheon Free Economic Zone.

It later emerged that R&F Korea had pledged to sell some plots of land earmarked for residential units at Midan City, to help fund its casino resort.

Its parent has been facing challenges in terms of liquidity, amid turbulence in mainland China’s property sector.

On August 31, Guangzhou R&F reported an interim loss of CNY6.9 billion, compared to a profit of nearly CNY3.1 billion in the first six months of 2021.

In that report, the group said it had, as of June 30, borrowing totalling just over CNY134.5 billion. Just under CNY82.7 billion was due for repayment within the following 12 months. As of June end, the group had total cash, including restricted cash, amounting to CNY15.32 billion.

Nonetheless on September 2, Guangzhou R&F told the Hong Kong bourse it would exercise an option to buy back for just over GBP106.6 million (US$122.6 million) plus expenses, the shares and loans in a company engaged in a property development in Vauxhall, southwest London in the United Kingdom.

The repurchase will be from Hong Kong-listed Far East Consortium International Ltd, which is itself involved in an overseas casino project – Queens Wharf in Brisbane, Australia, to be operated by The Star Entertainment Group Ltd.

Guangzhou R&F did not mention the R&F Korea casino project in its latest interim report.

Guangzhou R&F’s 2021 annual report, issued on August 18 this year, had reiterated that on January 21 last year, it had acquired from Caesars Korea Holding Co LLC – for only US$1,000 – the balance of the equity interest in what was previously to have been a joint venture with the United States casino brand for the Incheon scheme.


  • tweet
Related articles
  • The Star faces adjudication in fight with builder for Brisbane
    The Star faces adjudication in fight...

    Aug 29, 2023  

  • Star Ent, partners sell Sheraton Gold Coast for US$128mln
    Star Ent, partners sell Sheraton Gold...

    Jun 27, 2023  

More news
  • G2E Asia 2024 set for Macau in June, no Singapore event
    G2E Asia 2024 set for Macau in June, no...

    Sep 26, 2023  

  • Sale of Pagcor casinos by 2025 feasible: DoF
    Sale of Pagcor casinos by 2025...

    Sep 26, 2023  


Latest News

G2E Asia 2024 set for Macau in June, no Singapore event

G2E Asia 2024 set for Macau in June, no Singapore event

Sep 26, 2023  

The 2024 edition of the Global Gaming Expo (G2E) Asia casino trade event is to be held in Macau, according to a Tuesday press release. There will not be a G2E Asia event in Singapore next year, the...
Read More
Sale of Pagcor casinos by 2025 feasible: DoF

Sale of Pagcor casinos by 2025 feasible: DoF

Sep 26, 2023  

SJM hosts seminar in Indonesia to promote Macau offerings

SJM hosts seminar in Indonesia to promote Macau offerings

Sep 26, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


50

Maximum aggregate number of licensed gaming promoters – also known as ‘junkets’ – that Macau's casino operators will be able to work with in 2024



Most Popular

  • Any Macau clamp on money changing may hurt GGR: punditsAny Macau clamp on money changing may hurt GGR: pundits September 25, 2023
  • Macau govt sets junket cap per casino operator for 2024Macau govt sets junket cap per casino operator for 2024 September 25, 2023
  • Wynn Macau Ltd cancels K-pop festival scheduled for OctWynn Macau Ltd cancels K-pop festival scheduled for Oct September 25, 2023
  • Strong Macau hotel bookings for autumn Golden WeekStrong Macau hotel bookings for autumn Golden Week September 22, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us