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Chinese property developer Fantasia just missed a $206 million repayment deadline, a sign that China's real estate woes extend beyond Evergrande
Business Insider ^ | 04 October 2021 | Matthew Loh

Posted on 10/04/2021 9:22:27 PM PDT by blueplum

Chinese property developer Fantasia Holdings failed to repay a $206 million bond payment due Monday, said the company, just two weeks after it said it had no liquidity issues.

The missed payment adds to the already immense strain on China's real estate sector, which has been left exposed to the $305 billion credit crunch from property giant Evergrande, the most indebted company in the world.

Fantasia is worth $415 million, reported Reuters, a drop in the ocean compared to Evergrande's crisis. But its bond default contributes to fears that an imminent major collapse in China's property market could destabilize the whole Chinese economy....

...It took a senior note bond worth $500 million in 2016 that was due this year, said the company in a Monday exchange filing. But when the deadline arrived, it still had $206 million of the repayment left outstanding, it said....

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Foreign Affairs
KEYWORDS: bonddefault; china; chinaeconomy; evergrande; fantasia; fantasiaholdings; realestate
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rut roh...
1 posted on 10/04/2021 9:22:27 PM PDT by blueplum
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To: blueplum

China is shortly going to be dangerous.


2 posted on 10/04/2021 9:24:50 PM PDT by MercyFlush (The American Revolution was a violent revolt against a dictatorship. )
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To: KC_Lion

Pei-Ping.


3 posted on 10/04/2021 9:26:44 PM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: blueplum

Not to be too curious about it....but if one listed all of the Chinese mortgage/development companies, how many are near collapse?


4 posted on 10/04/2021 9:31:39 PM PDT by pepsionice
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To: blueplum

“I tell you already. Check is in Mail. Don’t call again!”


5 posted on 10/04/2021 9:31:52 PM PDT by lee martell
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To: blueplum
Crash!!! Crash!!!

Problem is that China may start war over Taiwan to distract from problems.

6 posted on 10/04/2021 9:42:56 PM PDT by Reno89519 (Respect America, Embrace America, Buy American, Hire American.)
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To: blueplum

7 posted on 10/04/2021 9:55:42 PM PDT by Theoria
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To: MercyFlush

How long until the Dems propose a bill to bailout China? You know Fraud Joe would love 10% of that payoff.


8 posted on 10/04/2021 10:09:50 PM PDT by ground_fog ( My God this was from today!S)
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To: blueplum

China is a communist country above all. They build according to plans and official targets. When they were raking in the cash before Trump got into office they plowed their money into huge cities that people could not afford to live in. Standards are low and building codes were only enforced when bribes were not being offered. They call it tofu construction. They have built several cities with everything but people in them. Of course if you own apartments but don’t have renters eventually you will get foreclosed on. In the last couple of weeks they were demolishing a dozen partially completed buildings because they could not afford to finish them.


9 posted on 10/04/2021 10:33:36 PM PDT by webheart (I thought I was helping by getting vaccinated but they say I didn’t help at all. )
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To: webheart
Standards are low and building codes were only enforced when bribes were not being offered. They call it tofu construction.

Truck with 20 rolls of 1cm diameter reinforcing wire arrives at "special factory"

Week later truck departs with 21 rolls of 1cm diameter reinforcing wire.

By some strange process, the truck and wire still weigh the same as before.

10 posted on 10/05/2021 12:11:05 AM PDT by spokeshave (We would be further ahead by banning fossil fools, like Biden, Pelosi, Feinstein, Leahy, etc)
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To: Reno89519

Ding ding ding, we have a winner.
I’d bet the farm a Chinese wag the dog is imminent.
look out Taiwan.


11 posted on 10/05/2021 3:06:17 AM PDT by Joe Boucher (Dementia Joe and the Whore, leaders of the Free world. ( F-you dementia Joe.))
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To: MercyFlush
Shortly is here...

Please Explain. Exactly Why Do We Have a Shipping Crisis?

See my replies #6 & #7 in particular.

12 posted on 10/05/2021 3:18:39 AM PDT by mewzilla (Those aren't masks. They're muzzles. )
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To: Reno89519

If they do, I think the allies in that area will crush them. Be a shame to see the 7 gorges damn suddenly burst. Bet nothings holding it together but paper mache…


13 posted on 10/05/2021 3:41:48 AM PDT by Caipirabob (Communists...Socialists...Fascists & AntiFa...Democrats...Traitors... Who can tell the difference?)
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To: MercyFlush

These two guys spent many years in China. As a sideline, they did YouTube videos about life in China, traveling along on their motorcycles. Until they were expelled for revealing too much about what is going on.

Here’s something from three years ago as they visited a “ghost city” and looked at construction quality. I strongly recommend their channel. Lots of good stuff.

https://youtu.be/XopSDJq6w8E


14 posted on 10/05/2021 4:38:44 AM PDT by SauronOfMordor (A Leftist can't enjoy life unless they are controlling, hurting, or destroying others)
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To: SauronOfMordor

That’s scary! And to think, this video is from three years ago.


15 posted on 10/05/2021 5:04:20 AM PDT by moovova (There will never be another fair presidential election in the USA.)
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To: MercyFlush

CCP Jets in Taiwan air space are a distraction from the calamities unfolding at home


16 posted on 10/05/2021 5:14:49 AM PDT by bert ( (KE. NP. N.C. +12) Like BLM, Joe Biden is a Domestic Enemy )
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To: moovova

On their channel, from 4 days ago, they cover Evergrande, Chinese society, corruption, and some other stuff

Why Evergrande Collapsed - Our Chinese Houses Crumbled
https://m.youtube.com/watch?v=lKbLB_T-IjY


17 posted on 10/05/2021 5:16:34 AM PDT by SauronOfMordor (A Leftist can't enjoy life unless they are controlling, hurting, or destroying others)
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To: pepsionice

No one knows

For research, search YouTube for China real estate trouble

there are many and there is no solid consensus among the video presenters


18 posted on 10/05/2021 5:18:05 AM PDT by bert ( (KE. NP. N.C. +12) Like BLM, Joe Biden is a Domestic Enemy )
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To: bert

I think you’re right. I think their economy is about to undergo a major correction. Investors will be bailed out according to how important they are to the Party:

Senior party members — first priority
Junior party — second
Regular Chinese— distant third
Americans stupid enough to put money into China— you lose, fools.


19 posted on 10/05/2021 5:21:23 AM PDT by SauronOfMordor (A Leftist can't enjoy life unless they are controlling, hurting, or destroying others)
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To: blueplum

...So the ruling elite simply deem the company to have an extra $200MM yuan, and they pay off the debt. Heads may roll at the top of the company, but I don’t see China actually letting some of their companies, especially ones that big, fail. And no one’s gonna care if the money is created out of thin air, and they just ‘found’ it somewhere in the back of the books.


20 posted on 10/05/2021 7:52:38 AM PDT by Svartalfiar
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