![]() ![]() ![]() Moody’s Investors Service also cut its rating by one notch to B3.įantasia said last week that it had wired principal and interest on a $100-million privately placed bond, disputing a report that funds had not been transferred. 29 to CCC from B, citing “elevated risk” that it may not be able to implement a concrete repayment plan over the next several weeks for upcoming maturities. S&P Global Ratings lowered its long-term rating on Fantasia on Sept. has received a demand to repay some debt after missing two local interest payments.įitch Ratings followed its peers on Monday by cutting Fantasia’s credit grade several notches to CCC-, deep into junk territory. Recent days have brought more examples of stress at other property firms. neighborhoods crossed the $1-million thresholdĬhinese authorities have maintained strict rules on leverage, while measures to cool the housing market are damping sales. Shares in Evergrande and its property management unit were suspended from trading Monday, pending an announcement on a “major transaction.”īusiness These are L.A.’s new million-dollar neighborhoodsĭo you live among million-dollar homes? These 15 L.A. Evergrande, the world’s most indebted developer and biggest issuer of junk bonds in Asia, is headed toward what could be one of the nation’s biggest restructurings and fueling concern about wider market contagion. Signs of stress in China’s property sector are spreading, as lower-rated developers face a surge in bond yields to a decade high. said that a unit of Fantasia didn’t repay a $108-million loan that also came due on Monday and said that a default was probable. Separately, property management company Country Garden Services Holdings Co. didn’t repay a $205.7-million bond that was due Monday, according to a company statement. Another Chinese developer fell into crisis on Monday after failing to repay a maturing bond, adding to the strains of the nation’s heavily leveraged property firms amid industry giant China Evergrande Group’s debt woes.įantasia Holdings Group Co.
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