Fantasia, Another Chinese Property Company, Defaults On Interest Payment To Lenders
Fantasia, Another Chinese Property Company, Defaults On Interest Payment To Bondholders
As a second property giant fails to pay debt interest investors fear a property collapse in China’s real estate bubble.
On Monday, a Chinese developer of luxury apartments Fantasia missed a $315 million payments to lenders, sparking fears that financial strains in the country’s overheated property sector are spreading beyond the troubled Evergrande’s troubles.
The FT reports that Beijing’s crackdown on borrowing by property developers threatens to end China’s love affair with London property.
The latest Chinese debt-ridden property company is Fantasia Holdings, a Shenzhen-based developer which missed repaying $206 million worth of bonds that matured Monday. In a statement to the HK stock exchange, the company said it is assessing “the potential impact on the financial condition and cash position of the group,”. Trading in shares, down by 80% this year, were suspended.
The property management unit of Country Garden, China’s second largest developer by sales after Evergrande, reported that Fantasia had failed to repay a company loan of about 700 million yuan ($109 million). Fantasia had informed the company that it would probably “default on [its] external debts,” to Country Garden Services, according to CNN.
Other Business News
Johnson Promises Wage Boost.
In a speech to the Conservative Party Conference in Manchester, Prime Minister Boris Johnson wants to end the UK’s “low wage economy” fuelled by “uncontrolled immigration”.
Gas Prices Fall After Putin Boosts Production.
UK wholesale gas prices dropped after hitting a record high after Russia announced a boost in supplies to Europe. Russia President Vladimir Putin calmed the market after gas prices had risen by 37% in 24 hours to trade at 400p per therm on Wednesday. The price fall will be welcome news to millions of British consumers facing record energy prices this winter.
Consumer Price Rise Highest In 25 Years.
Inflation fears as prices rise across the world, sparking fears of hyper-inflation caused by unprecedented money printing. Markets are predicting 6% inflation leading to ‘stagflation’.
Facebook Restores Service After This Week’s Outage.
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