In China, two more developers are unable to repay their debts: Fantasia Holdings has been unable to repay bonds worth $ 205.7 million, and Sinic Holdings is uncertain about the repayment of $ 246 million in bonds, the BBC reports.
The day before, trading in Evergrande shares was suspended on the eve of “an announcement containing inside information about a major deal.” It was then reported that the company plans to sell a larger stake in one of its divisions.
Now, two more real estate companies are facing financial problems due to lack of debt payments. In particular, Fitch Ratings downgraded Sinic Holdings ($ 4 billion in revenue) after it said it had missed interest payments and amid uncertainty over the $ 246 million bond repayment due later this month.
In turn, the luxury apartment developer Fantasia Holdings ($ 3 billion in annual revenue) failed to repay $ 205.7 million worth of bonds, reducing the market value of dollar-denominated bonds in China by almost 50%.
Chinese media write that the Hong Kong real estate company Hopson Development is going to buy a 51% stake in Evergrande Real Estate, for about $ 5 billion.
“The potential agreement will give the debtor developer such a necessary monetary investment when he tries to raise funds to make payments to customers, investors and suppliers,” the article said.
According to the WSJ, Fitch Ratings downgraded Fantasia to CCC-, reflecting an extremely high risk of default – Fantasia missed another bond payment, which Fitch did not previously know. The agency has now said the incident “calls into question the transparency of the company’s financial information.”
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