The Chinese promoter Fantasia Holdings has confirmed that on Monday he could not face the obligations of payment of the maturity of a debt for an amount of $ 205.65 million (177 million euros), feeding the uncertainty surrounding the leveraged Chinese real estate sector , whose maximum exponent is the giant Evergrande, whose actions have remained suspended from negotiation by second consecutive session in the Hong Kong Stock Exchange.
In a statement, fantasy holding, a medium-sized promoter and without the size of Evergrande, has announced that "he did not face the payment" on the due date (October 4) of bonds amounting to 205.65 million dollars .
"The Board of Directors of the company will evaluate the potential impact on the Group's financial position and liquidity under this circumstance," said Chinese firm, whose actions remain suspended from negotiation on their own request in the Hong Kong Stock Exchange.
The 'Default' of Fantasia Holding adds to the concerns unleashed by the situation of the evergrand real estate giant, whose negotiation is still interrupted since yesterday in the Hongkon parquet waiting for information about an important transaction.
In this sense, the Chinese agency Caixian News, citing convenient sources of the situation, reported this Monday that its competitors Hopson Development Holding would be negotiated by the purchase of around 51% of the shares of Evergrande Property, thus acquiring the control of the company , for about 40,000 million Hongkonese dollars (4,428 million euros).
Evergrande recognized at the end of last August the risk of incurred unpaid to obtain the necessary liquidity due to the suspension of the work in several of the projects developed by the Company.
In their search for liquidity to face debt maturities, Chinese giant agreed on the sale of 19.93% of Chinese bank Shengjing Bank for 9,993 million yuan (1,312 million euros) that will be used to reduce their debt.
In the first six months of its exercise, the company registered a fall of 28.9% of net profit, up to 10,499 million yuan (1,375 million euros), while billing was reduced by 16.5% compared to the first Half of 2020, up to 222.690 million yuan (29,166 million euros).
On the other hand, the Chinese firm reported that in the first semester its liability amounted to 1,966 billion yuan (257,490 million euros), with a debt of 571,775 million yuan (74,886 million euros), including 240,049 million yuan ( 31,439 million euros), 42% of the total, in debt with short-term expiration.
On the other hand, the Company had liquidity or equivalents amounting to 86,772 million yuan (11,364 million euros), one figure 45% lower than that one year earlier.
The Vice President of the European Central Bank (ECB), Luis de Guindos, ensured Monday that "the exhibition of the European banks and entities (to Evergrande) is relatively reduced," although it pointed out that the situation of the Chinese firm serves to show itself The risks derived from leverage.
Date Of Update: 08 October 2021, 15:17
