The developer said it was in talks with these lenders on arrangements, including renewing or extending the loans.įantasia’s woes add to the strains of China’s heavily leveraged property developers, first sparked by industry giant China Evergrande Group’s debt woes, which is struggling with liabilities of over US$300 billion. “Given the liquidity issue faced by the group, there is no guarantee that the group will be able to meet its financial obligations under its other financing documents,” the Shenzhen-listed company said in the filing.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.įantasia was founded in 1996 by Zeng Jie, the niece of former vice-president Zeng Qinghong.įantasia said that while it has not received notices from bondholders seeking immediate repayment, certain lenders have requested early repayment of loans that have not yet matured. Apart from its 2021 notes, Fantasia said that there were no other overdue bonds and loans of a material nature. The Hong Kong-listed developer said in a filing late on Tuesday that it did not repay a US$205.7 million bond that was due on October 4. Shares of Fantasia Holdings Group plunged by almost 40 per cent to a record low on Wednesday, after the debt-laden Chinese developer defaulted on a US dollar bond, further warning there is no guarantee it could meet other financial obligations.
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