R&F PROPERTIES (02777.HK) announced the signing of a framework agreement for sale, to sell 100% equity and debt rights of Qinhuangdao Jifu to KINETIC DEV (01277.HK) for a total price of 0.565 billion RMB, which will offset the amount of 0.565 billion RMB already paid for the property in Haikou, Hainan (the agreement has been terminated). R&F estimates a transaction loss of about 0.286 billion RMB.

Qinhuangdao Jifu is currently developing a real estate project in Qinhuangdao, Hebei, which includes villas, apartments, and commercial buildings, covering a total area of 166,900 square meters, expected to be completed by 2030.