{"id":25735,"date":"2021-12-20T13:16:17","date_gmt":"2021-12-20T16:16:17","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=25735"},"modified":"2026-04-23T12:46:43","modified_gmt":"2026-04-23T15:46:43","slug":"fitch-downgrades-guangzhou-rf-properties","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/fitch-downgrades-guangzhou-rf-properties","title":{"rendered":"Fitch downgrades Guangzhou R&F Properties"},"content":{"rendered":"\n

Fitch has downgraded Guangzhou R&F Properties’ rating as the company is near default after exchanging a distressed debt.<\/p>\n\n\n\n\n\n\n\n

South Korea.- Fitch has downgraded\u00a0Guangzhou R&F Properties<\/strong>\u00a0rating from B- to C and Moody’s has downgraded the company to Caa2. Moody’s also downgraded R&F Hong Kong to Caa3.<\/p>\n\n\n\n

Guangzhou R&F Properties is building the\u00a0Midan City Resort Complex<\/strong> integrated resort in South Korea. It was in partnership with Caesars Entertainment Caesars backed out of<\/a> the project in February, selling its entire\u00a050 per cent stake<\/strong>\u00a0to its former partner. The\u00a0complex will include a casino<\/strong>, 750 hotel rooms, a theatre, and a convention space.<\/p>\n\n\n\n

According to Asian Gaming Brief,\u00a0Alfred Hui, Moody\u2019s analyst<\/strong>, said: “The negative outlook reflects the company\u2019s weak liquidity with high uncertainties over its ability to generate enough cash flow to repay its maturing debts over the next 6-12 months amid challenging operating and funding conditions, despite the company\u2019s plans to accelerate property sales and asset disposals.”<\/p>\n\n\n\n

Prior to this downgrade, Guangzhou R&F announced that it had initiated a tender offer and consent solicitation to\u00a0reduce the price payable for the principal of its $725m senior notes\u00a0<\/strong>due on January 13, 2022, or to extend the maturity date of the notes. In September,\u00a0the company<\/a>\u00a0received an HKD8bn (US$1.03bn) loan\u00a0<\/strong>from two major shareholders to address short-term obligations.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch has downgraded Guangzhou R&F Properties’ rating as the company is near default after exchanging a distressed debt.<\/p>\n","protected":false},"author":176,"featured_media":25751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Fitch and Moody's have downgraded Guangzhou R&F Properties' credit rating to near default levels, citing weak liquidity and high uncertainties regarding debt repayment. This financial distress impacts the developer of the Midan City Resort Complex, an integrated resort in South Korea that includes a casino, following Caesars Entertainment's prior divestment from the project. The company has initiated debt restructuring efforts, including a tender offer for senior notes and securing shareholder loans.","focusai_entities":"Fitch, Guangzhou R&F Properties, Moody\u2019s, R&F Hong Kong, Caesars Entertainment, Asian Gaming Brief, Alfred Hui","focusai_location":"South Korea, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (0.9), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IR Project Viability","query":"What are the specific implications of Guangzhou R&F Properties' credit downgrade for the completion timeline, operational launch, and potential ownership structure of the Midan City Resort Complex, particularly concerning its casino vertical?"},{"label":"Capital Market Impact","query":"How will this significant credit event for a major integrated resort developer influence capital markets' risk assessment and financing terms for future large-scale gaming and hospitality projects in the APAC region?"}],"footnotes":""},"categories":[16338,163],"tags":[23632],"class_list":["post-25735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-integrated-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=25735"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25735\/revisions"}],"predecessor-version":[{"id":25756,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25735\/revisions\/25756"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25751"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=25735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=25735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=25735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}