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Embattled China developer R&F offloads London project for debt relief

Distressed Chinese developer Guangzhou R&F Properties said it plans to sell a development project in London for 1 Hong Kong dollar ($13 cents) in an attempt to trim its $800 million in debt.

Hong Kong-listed R&F said it has signed a preliminary agreement to sell a unit in charge of developing the One Nine Elms project in central London to London One Limited, a special-purpose vehicle owned by Hong Kong tycoon Cheung Chung Kiu, chairman of Hong Kong builder CC Land Holdings.