Chairman Li Silian is restricted from leaving the country; R&F Properties responds! Has been subject to 223 restriction notices

According to the Economic Observer, around the Chinese New Year in 2026, Li Silian, Chairman of Guangzhou R&F Properties Co., Ltd., was detained while traveling abroad. An informed source revealed that border inspection officials informed him that Li Silian was restricted from leaving the country by the Tianjin Third Intermediate People’s Court (hereinafter referred to as “Tianjin Third Court”).

Nandu Wan Finance reporter contacted R&F Properties for verification. R&F Properties stated that the issue has been reported to the group, but they have not yet received a response and are still following the latest developments. As of press time, Nandu Wan Finance has not received any further reply.

According to the Economic Observer, an insider disclosed that preliminary understanding suggests Li Silian’s travel restriction is mainly related to R&F Properties, but the specific reason remains unclear. The analysis may involve two aspects: first, some projects in Tianjin faced delivery issues leading to lawsuits by homeowners; second, R&F Properties became a defendant due to debt disputes. There are legal documents for enforcement rulings and consumption restrictions, but neither R&F Properties nor Li Silian received these documents. Li Silian only discovered the restriction after being blocked from leaving the country.

Nandu Wan Finance’s data from Tianyancha shows that as of January 24, 2026, Li Silian, one of R&F Properties’ legal representatives, has been subject to a total of 223 consumption restriction orders issued by courts across multiple regions.

The restricted high-consumption behaviors include: 1. choosing flights, soft sleeper trains, or second-class or higher cabins on ships when traveling; 2. high spending at star-rated hotels, nightclubs, golf courses, etc.; 3. purchasing real estate or constructing, expanding, or decorating high-end homes; 4. leasing high-end office buildings, hotels, or apartments; 5. buying non-essential vehicles; 6. traveling or vacationing; 7. children attending high-fee private schools; 8. paying high premiums for insurance or financial products; 9. occupying all seats on G-series high-speed trains or first-class or higher seats on other trains, among other non-essential consumption behaviors. These restrictions take effect from the date of issuance and are lifted after fulfilling the obligations specified in the legal documents.

Among over 2,600 legal cases involving R&F Properties, 75.74% are as a defendant, and 15.44% as a plaintiff. Of these, 8.94% involve sales contract disputes, 50.76% are civil cases, and 76.31% are located in Guangdong.

R&F Properties was once one of the “South China Five Tigers” in the real estate industry, founded by Li Silian and Zhang Li. Sources indicate that Li Silian’s travel restriction by Tianjin courts is related to debt disputes involving 1.76 billion yuan in enforcement and project delivery issues in Tianjin.

Financial reports show that in the first half of 2025, R&F Properties reported a net loss of 4.082 billion yuan; in 2024, a loss of 17.71 billion yuan; and in 2023, a loss of 20.164 billion yuan.

In 2025, R&F Properties’ total sales revenue (based on signed sales agreements) was approximately 14.21 billion yuan, with a sales area of about 1.873 million square meters.

At the opening of today’s trading session, before press time, R&F Properties’ stock declined by 1.89%.

Reporting by: Nandu Wan Finance Reporter Qiu Yongfen, compiled from Economic Observer reports, etc.