R&F Properties entered its first joint venture outside of China, with a large land purchase
in Johor Bahru, Malaysia, for a mixed-use development of housing and commercial space. The company expects to accelerate growth with future investments outside of China.
Other current R&F Properties projects include office buildings, shopping malls and hotels in 24 cities of various sizes throughout China. The company opened the Ritz-Carlton Chengdu, its sixth five-star hotel, late in 2013.
These developments took place as the government tightened credit to protect the property market from overheating. At the same time, two trends continued to propel industry growth: rising incomes and urbanization.
Net income rose 10 percent to $258 million on revenue of $1.6 billion, a 3 percent decline, in the first half of 2014. For the full year 2013, net income jumped 42 percent to $1.2 billion on a 23 percent revenue gain to $5.9 billion. Guangzhou R&F Properties Company, Ltd. was listed on the Hong Kong Stock Exchange in 2005.