top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

5 Oct 2021

Chinese Luxury Developer Fantasia Missed $206M Bond Payment

The Index Today

Fantasia Holdings Group Co in China has reportedly failed to make a $206 million bond payment due for the 4th of October. The developer of Luxury apartments was unable to pay the outstanding principle on a 7.375 bond issued in 2016.

The missed payment came as a surprise for investors after being reassured by Fantasia representatives that the payment would be done. The corporation is based in Shenzhen and had sold $500 million of its debt early this year.

Fitch ratings, a a global rating firm had brought down the company’s rating to CCC- which mostly represents high risk of default. The ratings company had also mentioned a missed private bond payment by the corporation which has “casts doubt on the transparency of the company’s financial disclosures.”

Fantasia, similar to Evergrande is also listed on the Hong Kong stock exchange. The company has issued and sold previous high-yield bonds. According to the financial reports for the first half of the year, Fantasia has around $4.3 billion in outstanding dollar bonds.

The luxury developer was founded in 1996 by Baby Zeng, niece of former vice president Zeng Qinghong. Alongside luxury apartments and buildings, the corporation also deals with real-estate projects in multiple cities across the region. Currently the company has $415 million worth of market capitalization but trading has been put on hold since 29th of September.

Experts are comparing Fantasia to Evergrande as both missed on crucial bond payments and interests payments in recent months. The corporation has stated it made around $23.7 million as net profit in the first half of the year.

©Photo: asia.nikkei

Clay pottery with table linens
bottom of page