The company said it will seek listing of the shares on the Shanghai Stock Exchange.

Proceeds to be raised from the proposed share issue will be used to fund the group's property development, it said in a statement.

The company said the issue price will be determined on the basis of market conditions, market consultation and the conditions prevailing in China's securities market.

The proposed A-share issue will be subject to shareholders' approval at an extraordinary general meeting set for June this year.

Guangzhou R&F Properties said the proposed issue will establish a new financing platform for the company and will broaden its access to different securities markets.

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