SMM

R&F Real Estate announced on the Hong Kong Stock Exchange that as of June 30, 2023, the company and its subsidiaries had two commercial papers worth 10 million yuan in the overdue state. The total overdue amount of the above-mentioned commercial papers is 30.7274 million yuan. Affected by multiple factors including macroeconomic and industry environment, the company’s sales and financing are sluggish and the company also faces the pressure of capital flow. Particularly, the company’s sales continued to decline sharply. From January to June 2023, the total contracted sales amount was 13.54 billion yuan, a year-on-year decrease of about 49% from 2022. Against this background, the company and its subsidiaries had overdue commercial papers due to the periodical shortage of funds.