$Sunac China(01918.HK)R&F Properties: Net loss of 4.082 billion yuan in the first half of the year, domestic focus on asset realization
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On August 27, R&F Properties (02777.HK) disclosed its 2025 interim results.
The financial report shows that in the first half of the year, R&F Properties' revenue was approximately 4.165 billion yuan, a decrease of 60% year-on-year, mainly due to the delivery of 460,960 square meters of sold properties during the period, a decrease of about 48% compared to the 887,900 square meters delivered in the same period last year. The overall average selling price during the period was about 9,000 yuan/square meter, compared to 11,800 yuan/square meter in the same period in 2024.
Rental income from investment properties decreased by 425 million yuan in the first half of 2024 to 313 million yuan, a 26% decrease. Hotel operating revenue decreased by 70% from 2.762 billion yuan in the same period last year to 827 million yuan.
The overall gross profit in the first half of the year was 1.259 billion yuan, compared to 1.329 billion yuan in the same period in 2024. In terms of property development, the gross profit margin during the period was 19.4%, compared to 10.9% in the first half of 2024 (excluding inventory impairment provisions).
In the first half of the year, R&F Properties recorded a net loss of 4.082 billion yuan, compared to a net loss of 2.331 billion yuan in the same period in 2024. The net loss during the period was mainly due to the continued downturn in China's real estate industry, leading to a decline in revenue from property development. In addition, the group's sale of subsidiaries, joint ventures, and associates in the first half of 2024 recorded a net gain, which reduced the loss in the same period last year, and this is another reason for the increased loss this year.
As of June 30, R&F Properties had cash and cash equivalents of approximately 688 million yuan and restricted cash of approximately 2.819 billion yuan.
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