R&FPROPERTIES：AnnualReport2020.pdf

1、About R&FAs one of Chinas largest and most well-known property developers,Guangzhou R&F Properties Co.,Ltd.(“R&F”or the“Company”,together with its subsidiaries,collectively the“Group”)founded in 1994 and headquartered in Guangzhou.After over twenty years of rapid development,the Company is a conglom

2、erate primarily engaged in property development,as well as diversified businesses including hotel development,commercial operation and architectural and engineering design.The Groups attributable sales amounted to approximately RMB138.8 billion in 2020.As of the end of 2020,the Group has a land bank

3、 of approximately 52 million sq.m.and owns 91 deluxe hotels in operation,managed by well-known hotel management groups.Concurrently,the Group has a total GFA of over 2.6 million sq.m.of investment properties in operation.The Groups businesses cover over 145 cities and regions up to now.For more than

4、 20 years,the Group has adhered to a development strategy of“create a quality living with heartbeat of the city”,creating beautiful places to live and work,and striving to become a world leader in building quality of life.Financial Highlights 4Letter to Shareholders 8Business Review 16Our Property P

5、ortfolio 20Investor Relations 26Environmental,Social and Governance Report 28Financial Review 74Corporate Governance Report 83Report of the Directors 91Report of the Supervisory Committee 102Directors,Supervisors and Senior Management 103Independent Auditors Report 108Consolidated Financial Statemen

6、ts 114Supplementary Information 223Five-Year Financial Summary 224Property List 225Corporate Information 243Shareholders Information 244ContentsGUANGZHOU R&F PROPERTIES CO.,LTD.Annual Report 20204FINANCIAL HIGHLIGHTS20202019%ChangesOPERATING RESULTS(RMB000)Revenue85,891,77890,813,970-5%Gross profit2