Chinese developer misses payment, adding to industry strain

0
135

BEIJING (AP) — A mid-size Chinese real estate developer has failed to make a $205.7 million bond payment, adding to financial strain in the industry as a bigger rival tries to avoid defaulting on billions of dollars of debt. Fantasia Holdings Group announced it missed the payment deadline in a statement issued through the Hong Kong Stock Exchange. It gave no explanation. Some Chinese developers are struggling to repay debt after regulators tightened limits last year on their use of borrowed money. That is fueling fears about possible defaults and turmoil in financial markets. Investors are worried by the possibility one of China’s biggest developers, Evergrande Group, might collapse under 2 trillion yuan ($310 billion) of debt.

The post Chinese developer misses payment, adding to industry strain appeared first on WEEK.

LEAVE A REPLY

Please enter your comment!
Please enter your name here