CNLLF - Chinese real estate developer Fantasia Holdings misses coupon payment

Another real estate developer in China is having trouble paying interest on its debt. Fantasia Holdings Group didn't make a $206M U.S. dollar bond payment that was due on Monday, the Wall Street Journal reports, adding to worries about the Chinese real estate market. Last week, China Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) missed interest payments on two of its dollar-denominated notes. It has three more payments, totaling $148.1M due on Oct. 12. Fitch downgrades Fantasia's long-term foreign currency issuer default rating to Restricted Default from CCC-, noting there's no grace period for the bond repayments. Kaisa Group Holdings 10.5% bond due September 2022 fell more than 7 points to $0.76 on the dollar, the WSJ said, citing Tradeweb. Central China Real Estate's (OTC:CNLLF) 6.875% bond due November 2021 dropped almost 5 points to $0.68 on the dollar. The Hang Seng Property Index fell as much as 2.2% on Tuesday, and closed down 0.8%.

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Chinese real estate developer Fantasia Holdings misses coupon payment