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Nisha Gopalan

R&F's Latest Headache

The developer either has to raise fresh funds or ease off its strategy of accumulating assets with debt.
Photographer: Zhong Zhi/Getty Images

Poor Guangzhou R&F Properties Co.

China's third-most-indebted developer, already burdened by its acquisition of Dalian Wanda Group Co.'s hotel portfolio, has once again had to push back its A-share listing, just as more evidence emerges the government's real-estate-cooling measures are starting to bite.