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Bond Market News
Fantasia Holdings Unveils $4.7bn Debt Restructuring Plan
March 16, 2026
Fantasia Holdings Group, a defaulted Chinese property developer, announced detailed terms last Friday for restructuring about ~$4.7bn of its offshore debt. It proposed a mix of new equity, mandatory convertible bonds, and long-dated secured notes to settle creditor claims. According to the restructuring proposal, it plans to issue 5.14bn new shares to creditors at HKD 1.52/share, along with $501.2mn of zero-coupon mandatory convertible bonds that will convert into 2.57bn shares at the same price. As part of the restructuring, Fantasia will also issue $1.44bn in secured notes: $632.5mn due in 2031 and $809.6mn due in 2034, both carrying a 3% coupon. Fantasia will also convert the entire HKD 1.31bn ($167.36mn) shareholder loan balance into equity by issuing 4.38bn new shares at HKD 0.30/share, with all accrued interest permanently forgiven once the restructuring becomes effective. Separately, controlling shareholder Baby Zeng will also provide a $6mn shareholder loan at 8% interest to help fund restructuring related costs. As of June 2025, Fantasia reported total debt of about RMB 66.97bn ($9.7bn).
Its dollar bonds continue to trade at deeply distressed levels of 1-3 cents on the dollar.
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