Is it true that R&F is rumored to borrow 11.9 billion yuan to pay Wanda?

Last night, it was reported that Guangzhou R&F Property Co., Ltd. planned to seek about 11.9 billion yuan (about 1.8 billion US dollars) of domestic secured loans for the 19.9 billion yuan acquisition of Wanda Group hotel assets.

According to the news, R&F Properties may use the hotel assets it acquired as a guarantee for the above financing behavior if it wants to seek a 7-year loan.

the reporter called the relevant person of the company, who said, "I am not sure about it personally", and the relevant information can only be based on the company announcement. As of press time, R&F Properties has not released relevant announcement information.

It is worth noting that on September 18th, with the help of the collective surge of domestic property stocks, the share price of R&F Properties rose by 1%, hitting a 1-year high. However, R&F Properties seems to be still worried about funds for the big deal of swallowing 77 hotels in Wanda for 19.9 billion yuan in one breath.

On July 19th, Wanda, Sunac and R&F Property signed a strategic cooperation agreement, in which R&F acquired the rights and interests of 76 city hotels sold by Dalian Wanda and 7% of Yantai Wanda (Yantai Wanda Mandarin Hotel) for 19.96 billion yuan.

At that time, Li Silian, Chairman of R&F Properties, said that R&F's current financial situation is good, which can meet the needs of cooperation, and R&F will further expand its hotel business. At that time, R&F had opened and built 24 high-class hotels in the world, and if 77 hotels were taken over, it would hold more than 1 hotels, making R&F one of the largest five-star hotel owners in the world.

However, although Wanda has transferred the hotel at a 6% discount, R&F Properties will have to pay the first installment of RMB 1 billion on the last day of the three-month period, and pay the balance of RMB 9.96 billion on or before January 31, 218. In fact, the financial pressure of the receiver R&F Properties is not small.

according to statistics, from 214 to 216, the asset-liability ratio of R&F Properties was 69.68%, 73.23% and 79.32% respectively, showing an increasing trend year by year. By the end of June 217, R&F had consolidated assets of 243.692 billion yuan, liabilities of 196.666 billion yuan and asset-liability ratio of 8.7%.

Another analyst said that before R&F acquired the assets of Wanda Hotel, the company's liabilities were already at a high level. By the end of 216, the net debt ratio including perpetual debt rose to 173.9%. If you want to significantly reduce the company's debt ratio, you need to rely on listing on A shares, not just on operations.

At that time, the management of R&F Property predicted that the company would go public in the third quarter of 217. However, the reality is that due to the tight financing channels of real estate companies, at present, the road for R&F Properties to return to the A-share capital market is not easy.

in addition, judging from the cash flow of r&f properties, it seems difficult to solve the problem of pushing up the debt risk caused by the acquisition. By the end of August, R&F Properties had achieved a total contracted sales of 52 billion yuan. Although the gap between R&F Properties and its target of 73 billion yuan is not big, it is still difficult to hide the financial burden brought by its asset-liability ratio of over 8%.

more importantly, at present, some institutions have listed R&F Properties as BB's long-term foreign currency issuer rating, priority unsecured rating, and all the unexpired bonds of its subsidiaries as negative observations.

Therefore, this asset acquisition plan will push up the overall debt level of R&F Properties and slow down the company's leverage reduction process. Perhaps, this will affect R&F Property's next financing plan to a certain extent. This may explain the above-mentioned borrowing action of Fuli Real Estate, but taking the Wanda Hotel as the guarantee will improve its financing success rate. As for the cost of capital, the possibility of paying a relatively high price is not ruled out.

everything is based on announcements.