Another Chinese developer fell into crisis after failing to repay a bond, adding to the strains of the nation’s heavily leveraged property firms amid China Evergrande’s debt woes.
The idea was simple: Nile Niami would build and sell The One, the biggest and most extravagant new home in the country. Then things went sideways.
Still, Fantasia’s nonpayment spotlights concerns that have become increasingly common throughout China’s real estate industry as investors struggle to quantify often hard-to-see debts. Just last week, the developer disputed a report that money for a privately placed bond hadn’t been transferred. The risks ofwere also flagged in recent days when people familiar with the matter said that a largely unknown dollar note with an official due date of Oct.
Shenzhen-headquartered Fantasia’s management and board “will assess the potential impact on the financial condition and cash position of the group” stemming from the skipped bond payment, it said. Chinese authorities have maintained strict rules on leverage, while measures to cool the housing market are damping sales. Recent days have brought more examples of stress at other property firms. Sinic Holdings Group Co. has received a demand to repay some debt after missing two local interest payments.Fitch Ratings followed its peers on Monday by cutting Fantasia’s credit grade several notches to CCC-, deep into junk territory.
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