R&F Sells Changsha Hotel at 30% Discount as Luxury Portfolio Begins to Unravel

A five-star Wanda Vista hotel in Changsha was sold last week for 514 million yuan ($72 million) in a court-ordered auction — nearly 30% less than what R&F Properties Ltd. paid for the property eight years ago.

The buyer, a recently established company named Hunan Lichi Consulting Management Co., acquired the hotel at its opening bid. The sale was forced by R&F’s domestic lenders and marks the first major disposal from a portfolio of distressed luxury hotels owned by the developer, which was once the world’s largest luxury hotel owner but is now buckling under massive debt.