Fantasia fails to make paymentsCHINESE PROPERTY: Fantasia did not repay a US$205.7 million note, while S&P Global Ratings has downgraded Sinic’s rating, saying ‘a default-like process has begun’AFP, BEIJINGFantasia Holdings Group (花樣年控股集團), a Chinese homebuilder, on Monday missed payments on debt obligations, adding to worries over the country’s property sector as embattled giant China Evergrande Group (恆大集團) teeters on the brink of collapse. Fantasia Holdings failed to repay a US$205.7 million note, the Shenzhen-based company said in a statement. Photo: APThis came as property management firm Country Garden Services Holdings Co (碧桂園) added that a unit of Fantasia had missed repayment on a 700 million yuan (US$108 million) loan, saying it was likely that Fantasia would default. While Fantasia is a smaller player in the market than Evergrande, its struggles highlight investor concerns over companies’ financial disclosures. Fitch Ratings on Monday downgraded Fantasia to “CCC-,” which indicates default is a possibility.

Source: Taipei Times October 05, 2021 15:56 UTC