ANOTHER Chinese property developer misses bond payment as stress spreads BEYOND Evergrande crisis

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  • Ratings agencies have downgraded Chinese developers Fantasia Holdings and Sinic Holdings over risks from their strained cash flow situations.
  • Fantasia Holdings did not repay a bond that matured on Monday, it said in a filing to the Hong Kong exchange on Monday night.
  • The real estate sector in China accounts for as much as 15% of the Asian giant’s GDP, according to analyst estimates.

On the heels of Evergrande’s debt crisis, there are increasing signs of stress in China’s property market after one developer failed to make a bond payment on Tuesday.

Ratings agencies have downgraded Chinese developers Fantasia Holdings and Sinic Holdings over risks from their strained cash flow situations.

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Fantasia did not repay the principal amount of $206 million of a bond that matured on Monday, it said in a filing to the Hong Kong exchange.

The firm has halted trading of its shares since Sept. 9 until further notice, it said. Those shares have plummeted nearly 60% year-to-date.

CNBC reached out to both companies but did not immediately get a response.

www.cnbc.com/2021/10/05/china-property-default-risk-for-fantasia-sinic-amid-evergrande-crisis.html

 

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