China Developer to Sell London Project for HK$1 Plus Dollar Debt
- Guangzhou R&F says property is valued at $1.7 billion
- Firm owned by Chinese tycoon signed letter to acquire project
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Distressed Chinese developer Guangzhou R&F Properties Co. plans to sell a property project in London by asking to receive some of its dollar bonds and just HK$1 (13 cents) of cash.
The defaulted builder signed a letter of intent to sell the holding company of Market Towers at 1 Nine Elms Lane, according to a filing late Tuesday in Hong Kong. The mixed-used development is valued at £1.34 billion ($1.7 billion) and includes 437 residential units and a hotel, it said.