The BBC reported on October 5, Sinic Holdings became the latest Chinese real estate company to be hit by a global rating agency. Request a downgrade from Fitch Ratings.
Previously, Sinic Holdings announced it could not pay interest and was uncertain about the return of its $246 million bond on the end of this month.
The owner of this Shanghai-based property developer Zhang Yuanlin last month lost more than $1 billion due to concerns about the Evergrande group – is being likened to a “debt bomb” with more than 300 billion USD in debt.
According to Forbes , Mr. Zhang’s fortune plummeted from $1.3 billion to just $250.7 million on September 20 after Sinic Holdings was forced to suspend stock trading in Hong Kong because of a nearly 90% drop. stock value from 9-9.
“>Fantasia Holdings admitted on October 4 that they could not repay the bonds worth $205.7 million. Photo: Bloomberg
Another real estate company, Fantasia Holdings, also admitted on October 4 that they were unable to repay the bonds worth $205.7 million, leading to the dollar denomination of the bonds. this company reduced nearly 50% value.
Fantasia Holdings’ financial report for the first half of 2021 revealed that the company’s total liabilities are now 82.9 billion yuan ($12.8 billion) Fitch Ratings downgraded Fantasia Holdings from “B” down to “CCC”, meaning “significant credit risk”.
Concerns about the solvency of Sinic Holdings and Fantasia Holdings are noted. This is a note at a time when Evergrande Group has struggled to pay interest payments in recent weeks.
So far, Beijing has not commented directly on the matters. Evergrande’s finances The corporation’s problems have affected me It is the second largest economy in the world and has an impact on global financial markets.
Channel CNBC Comments Evergrande’s debt crisis shows signs of increasing stress in China’s real estate market.
Many real estate developers Chinese assets have struggled to find a way to raise cash. For example, Guangzhou R&F last month raised $2.5 billion by borrowing money from major shareholders and selling a subsidiary, according to Reuters .
According to Pham Nghia
Employee
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