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
Note: This article has been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Amazon Echo Dot (newest model), Vibrant sounding Alexa speaker, Great for bedrooms, dining rooms and offices, Charcoal
$34.08 (as of March 15, 2025 20:25 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Artnaturals Kojic Acid Soap + African Net Sponge (2 pack X 142g Turmeric bars) Dark spot remover & Scars - Original Japanese Complex Vitamin C, Hyaluronic Acid, retinol, shea butter (Citrus)
$14.97 (as of March 15, 2025 20:25 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
VJJ Puppy Pee Pads 30"x36", 50 Count Large Pee Pads for Dogs for Doggie&Cats, Disposable Pet Pee Pads & Puppy Training Pads, Tear-Resistant X-Large Potty Pads for Indoor, Outdoor Use
$20.85 (as of March 15, 2025 19:48 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
LEGO Disney Moana 2 Heihei - Building Toy for Kids, Girls & Boys, Ages 9+ - Moana & Disney Toy for Fans - Gift Idea for Birthday - 43272
$38.00 (as of March 15, 2025 19:48 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
:quality(70):focal(3595x1475:3605x1485)/cloudfront-eu-central-1.images.arcpublishing.com/thenational/Q6VB7S7CC5CR5FJOG4XLCJNRAI.jpg)