R&FPROPERTIES：2023AnnualResultsAnnouncement.pdf

1、1Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia

2、nce upon the whole or any part of the contents of this announcement.(a joint stock limited company incorporated in the Peoples Republic of China with limited liability)(Stock code:2777)2023 ANNUAL RESULTS ANNOUNCEMENTThe board of directors(the“Board”)of Guangzhou R&F Properties Co.,Ltd.(the“Company”

3、or“R&F”,together with its subsidiaries,the“Group”)is pleased to announce the audited consolidated annual results of the Group for the year ended 31 December 2023.The annual results have been reviewed by the audit committee of the Company.2CHAIRMANS STATEMENTThe global environment and China continue

4、to face many challenges that have directly impacted the Groups results for the financial year 2023.As operating conditions adjust to a new normal post Covid,the economic recovery needs time and further stimulus measures.China has seen gradual recovery of GDP during the last quarters of 2023 register

5、ing full year GDP growth of 5.2%p.a.,surpassing the annual target of around 5%p.a.However,outlook for China remains cautious,overshadowed by global trade uncertainties and financial distress in Chinas sector.Chinas property sector saw an increase of default cases that previously excluded larger deve

6、lopers that now have also been affected,further decreasing consumer confidence leading to significant declines in presales that already were historic lows.Property transactions declined month-on-month during 2023 as buyers held off making new house purchases,partly also due to perceived default risk