R&F Properties

Corporate brand

A Chinese property development group involved in residential, commercial, mixed-use, hotel and related real-estate services.

Last updated October 27, 2026

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Overview

R&F Properties, also known as Guangzhou R&F Properties, is a Chinese real-estate development group headquartered in Zhujiang New Town, Guangzhou, Guangdong. Established in 1994 by Li Silian, the company developed from a Guangzhou-based property business into a listed developer with projects and investments in several Chinese cities and selected overseas markets. Its activities have included real-estate design, development, engineering supervision, sales, property management and brokerage, although the scope and organization of these activities have changed over time. The company became a public issuer when its H shares were listed on the main board of the Hong Kong Stock Exchange on 14 July 2005. R&F was subsequently included in the Hang Seng China Enterprises Index, becoming the first mainland Chinese real-estate enterprise to join that index according to the company's historical profile; it was removed from the index in 2011. The listing gave R&F access to international capital markets while its operating base remained in mainland China. During the late 2000s and 2010s, the group pursued large-scale land acquisitions and urban development projects. In 2009, it joined Country Garden and Agile Properties in acquiring land for Asian Games City in Panyu, Guangzhou. In 2010, it bought a large site in Xianshuigu Town, Jinnan, Tianjin, in a transaction described as a local record for the project’s land volume and price. The group also expanded outside mainland China. In 2013 it acquired six plots in Johor Bahru, Malaysia, from the royal family of Sultan Ibrahim Johor, later launching the Princess Cove Tanjung Puteri development in 2014. Its publicly identified developments have included residential districts, commercial complexes, office buildings, hotels and mixed-use projects such as Tianjin R&F Guangdong Tower, Tianjin R&F Center, R&F Princess Cove, R&F Mall in Johor Bahru and Vauxhall Square in London. Hotels became a particularly significant part of the portfolio after R&F agreed in 2017 to acquire hotel assets from Wanda Group as part of a transaction involving Wanda Group, Sunac China and R&F. The transaction covered 76 hotel projects and Yantai Wanda Vista Hotel, and was reported as giving R&F ownership interests in a portfolio of more than 70 hotels. The deal substantially increased the group's exposure to hospitality and made hotel ownership an important complement to property development. R&F has also made corporate-portfolio adjustments in response to capital and operating conditions. In December 2019, it placed new H shares to raise funds intended for repayment of overseas debt. In April 2020, it sold its property-management business to a major shareholder for RMB330 million, according to the referenced account. The group has also had a connection with professional football: in 2011 it acquired the financially distressed Shenzhen Phoenix Football Club and renamed it Guangzhou R&F Football Club. In July 2023, two companies applied to place R&F Real Estate into bankruptcy liquidation in connection with a commercial-ticket dispute reportedly involving RMB20 million. R&F said that its assets exceeded its liabilities, that operations were normal and that it was negotiating a settlement. The Guangzhou Intermediate People's Court later ruled that it would not accept the bankruptcy-liquidation application. This episode illustrates the liquidity and creditor-pressure issues affecting parts of China's property sector, but the cited material does not establish that R&F Properties as a whole entered liquidation or ceased operating.

History

R&F Properties was established in Guangzhou in 1994 by Li Silian. Its business developed around property design, development, construction oversight, sales and related real-estate services. The company later expanded its portfolio to include residential communities, commercial buildings, offices, mixed-use developments and hotels. R&F listed its H shares on the main board of the Hong Kong Stock Exchange on 14 July 2005. It subsequently became a constituent of the Hang Seng China Enterprises Index and was described as the first mainland Chinese property enterprise to enter the index. It was removed from the index in 2011. The group pursued large land acquisitions during the late 2000s and early 2010s. In December 2009, R&F joined Country Garden and Agile Properties in acquiring the land for Asian Games City in Panyu, Guangzhou, for a reported RMB25.5 billion. In April 2010, it acquired land in Xianshuigu Town, Jinnan, Tianjin, in a transaction characterized in the referenced material as a Tianjin record for land volume and price. In June 2011, R&F acquired the financially troubled Shenzhen Phoenix Football Club and renamed it Guangzhou R&F Football Club. R&F began building an overseas development presence in Malaysia. In December 2013, it acquired six plots in Johor Bahru from the royal family of Sultan Ibrahim Johor for approximately 4.5 billion Malaysian ringgit. The site was reported to have an area of about 116 acres and estimated saleable development space of approximately 3.5 million square metres. The resulting project, Princess Cove Tanjung Puteri, was officially launched in June 2014. Other publicly identified projects include R&F Mall in Johor Bahru and Vauxhall Square in London. A major strategic shift occurred in July 2017, when R&F participated in a transaction with Wanda Group and Sunac China. R&F acquired 76 hotel projects and Yantai Wanda Vista Hotel for approximately RMB19.906 billion. The transaction expanded its hotel portfolio to more than 70 properties and made hospitality a major component of the group’s asset base. The company later undertook capital and portfolio measures. In December 2019, it placed 273 million new H shares at HK$13.68 each, with reported proceeds of approximately HK$3.735 billion earmarked for overseas debt repayment. In April 2020, it sold its property-management business to a major shareholder for RMB330 million. In July 2023, Guangdong Xiangzheng Trading and Guangzhou Guangfeng Concrete applied for bankruptcy liquidation of R&F Real Estate over a commercial-ticket dispute stated to involve RMB20 million. R&F responded that its assets exceeded its liabilities, that its operations were normal and that it was seeking a negotiated resolution. On 14 July 2023, the Guangzhou Intermediate People's Court ruled not to accept the application. The cited material does not indicate that R&F Properties itself became a liquidated company.

2023
Bankruptcy application not accepted
[1]R&F Properties - Wikipediaen.wikipedia.org
The Guangzhou Intermediate People's Court declined to accept a bankruptcy-liquidation application linked to a commercial-ticket dispute.
2020
Property-management disposal
[1]R&F Properties - Wikipediaen.wikipedia.org
R&F sold its property-management business to a major shareholder.
2019
H-share placement
[1]R&F Properties - Wikipediaen.wikipedia.org
The company placed new H shares, with the reported proceeds intended to repay overseas debt.
2017
Wanda hotel portfolio acquisition
[1]R&F Properties - Wikipediaen.wikipedia.org
R&F agreed to acquire a large portfolio of Wanda hotel assets in a transaction involving Wanda Group and Sunac China.
2014
Princess Cove launch
[1]R&F Properties - Wikipediaen.wikipedia.org
The Johor Bahru development was officially launched as Princess Cove Tanjung Puteri.
2013
Johor Bahru land acquisition
[1]R&F Properties - Wikipediaen.wikipedia.org
R&F acquired six Johor Bahru plots for the development later known as Princess Cove.
2011
Football-club acquisition
[1]R&F Properties - Wikipediaen.wikipedia.org
The company acquired Shenzhen Phoenix Football Club and renamed it Guangzhou R&F Football Club.
2009
Asian Games City land acquisition
[1]R&F Properties - Wikipediaen.wikipedia.org
R&F joined Country Garden and Agile Properties in acquiring the land for Asian Games City in Panyu, Guangzhou.
2005
Hong Kong listing
[1]R&F Properties - Wikipediaen.wikipedia.org
R&F's H shares were listed on the main board of the Hong Kong Stock Exchange on 14 July.
1994
R&F Properties is established
[1]R&F Properties - Wikipediaen.wikipedia.org
Li Silian founded the property company in Guangzhou.

Products and positioning

A large-scale Chinese property developer spanning residential, commercial, mixed-use and hospitality assets, with a historical emphasis on major urban projects.

Residential property
Residential developments
Residential communities and large urban housing developments form a core part of R&F Properties' historical development activity. The company has combined residential construction with retail, offices and public-facing amenities in larger mixed-use projects. The cited material does not provide a complete current project catalogue or standardized product architecture.
Commercial property
Commercial and mixed-use complexes
R&F has developed commercial buildings, urban complexes and retail-led projects alongside residential uses. Examples identified in the reference material include R&F Mall in Johor Bahru and R&F-branded centers and towers in Tianjin. These assets reflect the group's practice of combining multiple real-estate functions within major city projects.
Hospitality real estate · 2017
Hotel portfolio
Hotels became a substantial portfolio category after the 2017 acquisition of Wanda hotel assets. The transaction covered 76 hotel projects and Yantai Wanda Vista Hotel, giving R&F a large hospitality ownership platform in addition to its development business. The available source does not establish the current number or operating status of every hotel.
Mixed-use development · 2014
R&F Princess Cove
Princess Cove Tanjung Puteri is R&F's large Johor Bahru development on land acquired in 2013. The project was formally launched in 2014 and has been associated with residential and commercial components, including R&F Mall. The referenced material describes the overall development scale but does not provide a current completion or occupancy assessment.
Mixed-use development
Vauxhall Square
Vauxhall Square in London is listed among R&F Properties' developments, representing the group's overseas presence beyond mainland China and Malaysia. The supplied references do not provide sufficient detail on its exact components, delivery timetable or current ownership structure.

Controversies

2023
Bankruptcy-liquidation application arising from commercial-ticket dispute
Guangdong Xiangzheng Trading and Guangzhou Guangfeng Concrete filed an application seeking bankruptcy liquidation of R&F Real Estate over a commercial-ticket dispute reportedly involving RMB20 million. R&F denied that it was insolvent, stated that assets exceeded liabilities and said it was negotiating with the applicants. The Guangzhou Intermediate People's Court ruled on 14 July 2023 that it would not accept the application.
Source
2022
Co-chairman Zhang Li arrested in UK over US bribery case and deferred prosecution
In 2022, R&F co-chairman Zhang Li was arrested in the UK and granted bail over bribery allegations related to San Francisco in the United States; the company opposed the allegations at the time. In 2023, the company announced that Zhang Li had signed a deferred prosecution agreement; fulfillment of the agreement could result in withdrawal of the charges, and the agreement itself does not constitute a conviction. This entry concerns his overseas projects and personal legal liability.
Source
2020
Wenzhou Fuli City homeowners protest property issues
In a controversy involving R&F Properties, nearly 100 homeowners at Wenzhou Fuli City staged a collective protest, demanding that developer Fuli Real Estate address housing-quality problems. Reporting on the event also mentioned complaints from homeowners about false advertising. The protest centered on the quality of the homes and on claims made in marketing, with residents seeking action from the developer. The source report did not specify further details on the outcome of the protest or the developer's response.
Source
2019
Suzhou Fujing real estate projects fined for unauthorized construction
Suzhou Fujing Real Estate Development Co. was fined 284,900 yuan and 276,600 yuan for two projects involving construction without a construction permit. The article says its actual controller is R&F Properties.
Source

2020
Dispose of property-management businessM&A
Background
R&F adjusted its portfolio of real-estate service businesses.
Action taken
It sold its property-management business to a major shareholder.
Aftermath
The disposal reduced the group's direct property-management activities, although the supplied material does not describe subsequent operating effects.
Sale consideration. RMB 330 million (April 2020)
Source
2019
Raise capital for overseas debt repaymentStrategy
Background
The company undertook a substantial share placement while managing overseas debt obligations.
Action taken
R&F placed 273 million new H shares at HK$13.68 per share.
Aftermath
The reported proceeds were designated for repayment of overseas debt.
Gross proceeds. Approximately HK$3.735 billion (December 2019)
Source
2017
Acquire Wanda hotel assetsM&A
Background
R&F pursued a substantial expansion of its hospitality portfolio through a transaction involving Wanda Group and Sunac China.
Action taken
R&F agreed to acquire 76 hotel projects and Yantai Wanda Vista Hotel.
Aftermath
The transaction made R&F one of the largest hotel owners by reported portfolio scale and increased its exposure to hotel operations and hospitality real estate.
Acquisition consideration. Approximately RMB 19.906 billion (July 2017)
Source
2013
Enter the Johor Bahru development marketStrategy
Background
R&F sought to expand its property-development footprint outside mainland China.
Action taken
It acquired six plots in Johor Bahru and subsequently planned the Princess Cove Tanjung Puteri project.
Aftermath
The development was officially launched in 2014 and became one of the group's best-known overseas projects.
Land acquisition price. Approximately MYR 4.5 billion (December 2013)
Source

Recent events

2021-12-07
R&F Properties proposes selling a 30% stake in Guangzhou International Airport R&F Logistics Park[10]富力地产拟出售广州国际机场富力综合物流园30%权益biz.jrj.com.cn
R&F Properties announced that it proposed selling a 30% interest in Guangzhou International Airport R&F Logistics Park to a fund affiliate of Blackstone, Sonic Holdings I Limited, for an estimated cash consideration of 1.263 billion yuan.
2021-09-29
R&F Properties agrees joint venture with its chairmen[11]富力地产与两名董事长同意成立合营公司finance.sina.com.cn
Reported: 2021-09-30
R&F Properties and its chairman Li Silian and co-chairman and president Zhang Li signed an agreement to establish a joint venture to identify and jointly invest in project development and property-related investments. R&F Properties or its wholly owned subsidiary would hold 51%, while the principal shareholders or their wholly owned companies would hold 49%.
Unconfirmed
R&F Group and Guangdong Yuehai Group form strategic cooperation[12]富力集团与粤海集团达成战略合作house.jrj.com.cn
R&F Group and Guangdong Yuehai Group agreed to cooperate on real estate, industrial park investment and development, and related projects across China.
2020-11-05
Wenzhou Fuli City homeowners protest property issues[8]Wenzhou Fuli City homeowners protest property issuesntdtv.com
Reported: 2020-11-09
Nearly 100 homeowners at Wenzhou Fuli City protested and demanded that developer Fuli Real Estate address housing-quality problems. The report also mentions complaints about false advertising.
2020-11
ATLAS and Fuli sign strategic cooperation agreement[13]ATLAS寰图与富力集团签署战略合作协议prnasia.com
Reported: 2020-11-26
ATLAS 寰图 and Fuli Group completed a strategic cooperation signing ceremony for office-space and commercial-management services for the Fuli首府 project in Haikou.
2020-11
R&F Properties sells a majority stake in a logistics park project[14]富力地产出售物流园项目多数股权sc.stock.cnfol.com
R&F Properties sold a 70% stake in its logistics park project to Blackstone for 4.41 billion yuan in November.
2020-04-09
R&F Properties announces transfer of Tianli Property[15]富力地产宣布转让天力物业tmtpost.com
R&F Properties announced that it would transfer its property-management company Tianli Property for RMB 300 million to Guangzhou Fuxing Investment Consulting, which is owned equally by R&F's major shareholders Li Sze Lim and Zhang Li.
2020-03-26
R&F Group announced 2019 annual results[16]富力集团公布2019年全年业绩finance.sina.com.cn
Reported: 2020-03-27
R&F Group announced its 2019 annual results, reporting net profit of RMB 10.09 billion and total assets of RMB 427.326 billion as of December 31, 2019.
Unconfirmed
R&F Group and China Tower establish a strategic cooperation framework[17]富力集团与中国铁塔签署战略合作框架协议finance.sina.com.cn
Reported: 2020-01-20
R&F Group and China Tower agreed to coordinate communications infrastructure with R&F property projects, including planning, construction, coverage, maintenance, and smart-community solutions.
2020-01-17
Jianye announces acquisition of a 10% stake in Jianye Fuju[18]建业地产宣布收购建业富居10%股权finance.sina.com.cn
Reported: 2020-01-18
Jianye Real Estate announced that it would buy a 10% stake in Jianye Fuju from Guangzhou R&F Properties for 1 billion yuan. The transaction was announced on January 17, 2020; the source describes completion as pending.

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