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Bond Market News
Fantasia Subsidiary Faces Wind-up Petition
November 29, 2021
Fantasia Group said that a major subsidiary was facing a wind-up petition by its creditors regarding a $149mn loan where Fantasia Investment Holdings was a guarantor. SCMP reports that it is the first time that a wind-up petition with respect to offshore debt is being filed against a Chinese developer or its subsidiaries. In a filing with the HKEX, Fantasia said that it “will seek legal advice to protect its legal rights and interests and take all necessary measures including maintaining a constructive dialogue with the petitioner to address the matter”. “The case will fuel concerns about the developer’s fate… More importantly, it is a fresh sign that international investors are increasingly worried about mainland developers’ asset quality and business prospects”, said Wang Feng, chairman of Shanghai-based Ye Lang Capital.
Fantasia’s dollar bonds continue to trade at distressed levels of just over 27 cents on the dollar.
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