london jan 13 reuters  chinese developer guangzhou rf properties 2777hk which has a number of supersized projects in global cities such as london saw its hong kong offshoot declared in selective default on thursday after it pushed through a bond payment delay credit rating agency sp global took the step after the struggling firm got approval from lenders to delay a 725 million senior unsecured note payment that had been due on thursday read more we view the transaction as distressed restructuring tantamount to a default because rf hk has insufficient resources and limited funding options to repay the maturing notes in whole in the absence of the transaction sp said also investors are being paid less than originally promised due to the sixmonth maturity extension and the tender price being 17 below par for one of the offer options sp said it was keeping the rating rfs main parent company guangzhou rf properties co ltd unchanged at cc because it was not a guarantor of the bond in question although it warned it could cut it we will further review the credit profiles of guangzhou rf and subsidiary rf hk after we reassess the companies financial and liquidity positions sp said the group faces several hurdles to substantially improve its weak liquidity rf is latest chinese builder to be facing turmoil the countrys property market has been pushed into crisis by efforts to curb overborrowing and the woes of china evergrande 3333hk the worlds most indebted developer which defaulted late last year read more rfs struggles are being watched just as closely though in some of the global cities read more as it has a number of unfinished mega projects including one on the thames in london which it bought for 59 million pounds 8096 millionin 2018 from another chinese firm that was facing difficulties at the time