Another Evergrande? Fantasia Holdings Defaults!

On the heels of Evergrande’s debt crisis, there are increasing signs of stress in China’s real estate market after Fantasia Holdings failed to make a bond payment.

The debt problems afflicting china’s real estate  market deepened on tuesday after a developer   defaulted on its bonds while the world’s most  heavily indebted property group evergrande   fantasia holdings, a mid-sized developer  that just weeks ago assured investors it   exchange filing that it “did not make the

Payment”   the default adds to fears that a crisis at  evergrande will spread to include more of china’s   property developers, which account for a large  portion of the asian high-yield bond market.   the real estate sector faces pressure from beijing  to reduce leverage after decades of debt-driven   evergrande

Missed an interest payment on an  offshore bond on september 23, triggering a 30-day   grace period before a formal default, and has  yet to provide any announcement on the matter.   fantasia also suspended trading in its shares  before markets opened on tuesday in hong kong,   joining evergrande, which halted trading of its 

Holding company and its property services unit on   that it suspended trading in advance of a   “possible general offer” for its shares. hopson  development, another hong kong-listed developer,   speculation from chinese media that it could take   on tuesday morning, evergrande had yet to provide  any further details on

The potential deal,   raising the spectre of an indefinite trading halt   “there’s nothing investors can do . . . the  worst is yet to come,” said dickie wong,   wong said there was no rule preventing  companies listed in the city from suspending   shares for months on end solely on the basis of  a terse

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Statement devoid of any real detail.   as well as the fantasia default and evergrande’s  missed payment, china fortune land development,   on an offshore bond in february. triple c by s&p, which noted “heightened  execution risk on repayment” in relation   rating agency fitch said fantasia had $1.9bn   of offshore

Bond payments due by the end of next  year and as much as rmb6.4bn ($992m) of onshore   the market in late august to buy up $6.5m of the  note that matured on monday. but its bonds have   tumbled recently on repayment concerns, with a  $250m dollar-denominated bond maturing in december   an ice index tracking china high-yield

Bonds   per cent in late august. investors  cent over the past month. shares in huarong, china’s biggest   the company delayed its financial reports before  finally unveiling a record loss in august.   step in to help distressed companies. “basically they don’t have   ‘we’re engaging in a potential deal,’ full

Stop,”  wong said. “there’s basically no timeframe.”   evergrande, whose shares had fallen more than  80 per cent this year before the trading halt,   more than $300bn in total liabilities. the hang seng property index tracking major   hong kong-listed developers dropped as much as  2.2 per cent on monday but was flat on tuesday.

Transcribed from video
Another Evergrande? Fantasia Holdings Defaults! By Patrick BoyleliveBroadcastDetails{isLiveNowfalsestartTimestamp2021-10-05T190011+0000endTimestamp2021-10-05T191104+0000}

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