Guangzhou R&F sells London’s Vauxhall Square at 42 per cent discount to valuation, posting an ‘unheard of’ loss in desperate move to pare debt

By Sandy Li

Guangzhou R&F Properties has agreed to sell a plot of mixed-use land in London at a loss to Far East Consortium International, in a move that underscores its haste to raise cash to pare its debts.The Vauxhall Square parcel in Vauxhall has been sold for £95.7 million (US$124.8 million), at a discount of about 42 per cent to market valuation, R&F said in a statement to the Hong Kong stock exchange. The parcel, which can yield 133,000 square metres (1.43 million square feet) of gross floor space,…

Source: Guangzhou R&F sells London’s Vauxhall Square at 42 per cent discount to valuation, posting an ‘unheard of’ loss in desperate move to pare debt