Translated by: MOS Gospel team – lilian89

After previously breaking the news that Evergrande Group was in debt crisis, Fantasia Holdings Group, a well-known Chinese real estate major, is in crisis after failing to repay $206 million U.S. dollar bound on Oct. 4. Following the news, the real estate company’s dollar-denominated bonds fell to a record low of 5 cents on the dollar. Credit rating agency Fitch International, which downgraded Fantasia Holdings Group’s credit rating by a whopping four points on Monday, said the company’s debt was in jeopardy. The real estate bubble in China is starting to burst.

The real estate company, registered in the Cayman Islands and headquartered in Shenzhen, Guangdong Province, was founded in 1996 by Baby Zeng. She is the niece of former Chinese Vice President Zeng Qinghong. Listed on the Hong Kong Stock Exchange in 2009, the company operates in major cities along the eastern coast of China, as well as in Guangdong, Hong Kong and Macau.

(This article represents the views of the author only)

Original article:
曾家产业”花样年地产” 债务预期陷困局 – GNEWS

Proofread/Posted by: Xiaolunn

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