Fantasia, Another Chinese Property
Company, Defaults On Interest Payment To Bondholders
As a second property
giant fails to pay debt interest investors fear a property collapse in China’s
real estate bubble.
On Monday, a Chinese
developer of luxury apartments Fantasia missed a $315 million
payments to lenders, sparking fears that financial strains in the country's overheated
property sector are spreading beyond the troubled Evergrande’s troubles.
The FT reports that Beijing’s
crackdown on borrowing by property developers threatens to end China’s love
affair with London property.
The latest Chinese debt-ridden
property company is Fantasia Holdings, a Shenzhen-based developer which missed
repaying $206 million worth of bonds that matured Monday. In a statement to the
HK stock exchange, the company said it is assessing "the potential
impact on the financial condition and cash position of the group,".
Trading in shares, down by 80% this year, were suspended.
The property
management unit of Country Garden, China's second largest developer by sales
after Evergrande, reported 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," to Country
Garden Services, according to CNN.
Other Business
News
Johnson Promises Wage
Boost.
In a speech to the
Conservative Party Conference in Manchester, Prime Minister Boris Johnson wants
to end the UK’s “low wage economy” fuelled by “uncontrolled immigration”.
Gas Prices Fall After
Putin Boosts Production.
UK wholesale gas
prices dropped after hitting a record high after Russia announced a boost in
supplies to Europe. Russia President Vladimir Putin calmed the market after gas
prices had risen by 37% in 24 hours to trade at 400p per therm on Wednesday. The
price fall will be welcome news to millions of British consumers facing record energy
prices this winter.
Consumer Price
Rise Highest In 25 Years.
Inflation fears as
prices rise across the world, sparking fears of hyper-inflation caused by unprecedented
money printing. Markets are predicting 6% inflation leading to ‘stagflation’.
Facebook Restores
Service After This Week’s Outage.
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