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Modern Land, another Chinese developer, is struggling to pay its debts
Fashionable Land is inquiring buyers for far more time to pay out again a $250 million bond, in accordance to a enterprise filing with the Hong Kong Inventory Trade on Monday. The payment was thanks October 25. Contemporary Land said it desires to extend that deadline to the conclude of January as it seeks to boost “liquidity and cash flow management and to stay away from any likely payment default.” The business mentioned in a individual submitting that Chairman Zhang Lei and President Zhang Peng intend to supply about 800 million yuan ($124 million) in loans to help the corporation. Shares in Present day Land fell far more than 2{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}…
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After Evergrande, Chinese developer Fantasia can’t pay its debts either. That’s stoking real estate fears
Fantasia Holdings, a Shenzhen-based developer, skipped repaying $206 million truly worth of bonds that matured Monday, the organization explained in a stock exchange filing. It is now evaluating “the prospective effect on the economical ailment and money placement of the group,” it extra. Individually, the residence management device of Country Back garden, China’s second greatest developer by revenue following Evergrande, claimed in a submitting that Fantasia had failed to repay a organization mortgage of about 700 million yuan ($109 million). Fantasia experienced informed the firm that it would likely “default on [its] external money owed,” Place Garden Expert services added. S&P and Moody’s slapped “default” credit rating ratings on Fantasia…
