Fantasia is worth $415 million, reported Reuters, a drop in the ocean compared to Evergrande's crisis. But its bond default contributes to fears that an imminent major collapse in China's property market could destabilize the whole Chinese economy. Fantasia, based in Shenzhen, is involved in developing around 127 million square feet of land, and manages a total 47 projects — mostly for mixed residential and commercial use — as of June, according to its 2021 interim report.
tirsdag 5. oktober 2021
Chinese property developer Fantasia just missed a $206 million repayment deadline, a sign that China's real estate woes extend beyond Evergrande
Chinese property developer Fantasia Holdings failed to repay a $206 million bond payment due Monday, said the company, just two weeks after it said it had no liquidity issues. The missed payment adds to the already immense strain on China's real estate sector, which has been left exposed to the $305 billion credit crunch from property giant Evergrande, the most indebted company in the world.
Fantasia is worth $415 million, reported Reuters, a drop in the ocean compared to Evergrande's crisis. But its bond default contributes to fears that an imminent major collapse in China's property market could destabilize the whole Chinese economy. Fantasia, based in Shenzhen, is involved in developing around 127 million square feet of land, and manages a total 47 projects — mostly for mixed residential and commercial use — as of June, according to its 2021 interim report.
Fantasia is worth $415 million, reported Reuters, a drop in the ocean compared to Evergrande's crisis. But its bond default contributes to fears that an imminent major collapse in China's property market could destabilize the whole Chinese economy. Fantasia, based in Shenzhen, is involved in developing around 127 million square feet of land, and manages a total 47 projects — mostly for mixed residential and commercial use — as of June, according to its 2021 interim report.
