Chinese developer Fantasia can't pay its debts. That's stoking real estate fears
CNN
A Chinese developer of luxury apartments missed $315 million in payments to lenders on Monday, sparking fears that financial strains in the country's outsized property sector are spreading beyond the troubled Evergrande conglomerate.
Fantasia Holdings, a Shenzhen-based developer, missed repaying $206 million worth of bonds that matured Monday, the company said in a stock exchange filing. It is now assessing "the potential impact on the financial condition and cash position of the group," it added.
Separately, the property management unit of Country Garden, China's second largest developer by sales after Evergrande, said in a filing 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," Country Garden Services added.
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