Guangzhou R&F was previously rated as the 20th top property developer in China. Credit: Chintung Lee via Shutterstock.

Chinese property developer Guangzhou R&F Properties is facing a lawsuit from two creditors, seeking the former’s bankruptcy restructuring, Reuters reported, citing notices in a database of the National Enterprise Bankruptcy Information Disclosure Platform, China.

As per the entries in the database, the creditors, namely Guangdong Xiangyi Trading and Guangzhou Guangfeng Concrete, submitted applications to the Guangzhou Intermediate People’s Court seeking bankruptcy restructuring of Guangzhou R&F. 

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The creditors were not available for comment on the dispute, the news agency added. 

The dispute with the two creditors was regarding 20m yuan of commercial paper, stated Guangzhou R&F.

The developer argued that its company is not in insolvency and is to take legal steps to oppose the application, despite it not receiving any court documents associated with this application as of yet.

Prior to the crisis in the country’s property market, Guangzhou R&F was ranked as the No 20 property developer in China in 2020, reported the news agency.

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The company owned numerous projects abroad, including in the UK and Malaysia, prior to its issues.

As per media reports citing the database portals of the developer, the related courts have ordered the freezing of a dozen of the company’s assets until now.

Although several property developers have faced legal action from creditors for non-repayment, requests to courts for restructuring are not a common practice in the country given that government officials usually make efforts to mediate the process, reported the news agency.

However, many property developers enact face winding up petitions in Hong Kong and in overseas jurisdictions.