D-Day Royal Dutch Shell?

D-Day Royal Dutch Shell?

Reuters

Chinese developer Fantasia denies creditor claim on unit’s shares

Chinese developer Fantasia Holdings denied a claim by a creditor that a $96.98 million loan on which it missed a payment was secured by shares in its property management unit. TFI Securities and Futures Ltd told Fantasia it was entitled to enforce the charge of 780 million shares in the unit, Colour Life Services Group, Fantasia said in a filing to the Hong Kong stock exchange late on Friday. The developer, which missed payment on $205.7 million in offshore notes that were due on Oct. 4, is one of number of indebted Chinese developers that have failed to make debt payments, sending shudders through global financial markets in recent months with fears of knock-on effects around the world. Larger peers China Evergrande Group and Kaisa Group, with the two largest piles of offshore debt in the country, missed offshore bond payment deadlines this week, prompting rating agency Fitch to downgrade them to “restricted default”.

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