Aoyuan Denies Trust Product Default; Fantasia Gets Approval to Delay Local Bond Coupons
China Aoyuan denied reports that it defaulted on its trust product saying it was involved in a financial dispute involving its joint venture which borrowed money and that the company is working with creditor for a solution. Bloomberg yesterday cited a media report...
Fantasia Downgraded Across the Three Rating Agencies
Moody’s downgraded Fantasia to Ca from B3 and its notes to C from Caa1, with a negative outlook following the missed payment of the developer’s $205mn bond on October 4 and weak recovery prospects. Moody’s further noted that the downgrade also...
Fantasia’s 2021s Crash on October Bond Default; Downgraded to CCC- from B by Fitch
Fantasia defaulted on its $205.656mn 7.375% bond due October 4. The bond did not have a grace period. Fantasia said it will assess “the potential impact on the financial condition and cash position of the group under the circumstances” adding that it will...
