R&F Real Estate knows how to exchange time for space and give itself a chance to breathe.

Recently, the company launched a secondary restructuring of domestic bonds, planning to alleviate debt repayment pressure through six forms such as cash repurchase.

Compared with the plan to extend all domestic and foreign debts three years ago, this bond restructuring plan is widely understood as “debt cuts”. Several repayment plans including cash repurchase and other repayment plans are planned to be redeemed in the form of discounts. The remaining redemption of stock economic income rights and the full bond-keeping long-term extension plan are also relatively harsh for bondholders.

Although this is only a preliminary plan, it also indirectly shows the seriousness of R&F Properties’ debt. However, the plan has not been finalized yet, and it is still unknown whether it can be successfully promoted.

“Shrink” debts again

After successfully completing the full extension of domestic and foreign debts three years ago, R&F Properties (02777.HK) recently started to promote the secondary restructuring of domestic bonds again, and the plan has been disclosed in the after-hours announcement on September 10.

According to the announcement, the re-initiation of debt restructuring is based on the overall operating status of the company. In this domestic debt restructuring, the company basically follows the idea of ​​further “debt reduction”.

The overall domestic bond restructuring plans provided to corporate bondholders include cash repurchase, property-based debt repayment, accounts receivable trust share debt repayment, asset trust share debt repayment, stock economic income rights redemption, and full bond-keeping long-term extension.

According to preliminary statistics, the total principal balance of the first four debt repayment plans shall not exceed 13.9 billion yuan.

Judging from the restructuring bond plan, the company’s cash repurchase plan is not large, that is, it plans to repurchase the bonds at a discount (20% of the remaining face value of each bond) in three times, and the total amount of repurchase is expected to not exceed 600 million yuan.