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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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%.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
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.”<\/p>\n","protected":false},"featured_media":130942,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-130941","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/130941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/130942"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=130941"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=130941"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=130941"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=130941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}