Jakarta, CNBC Indonesia – A series of property company bankruptcies began to hit China. After the bankruptcy experienced by the Evergrande group, this time indications of bankruptcy have also begun to emerge from other property companies.
Monday (4/10/2021), Fantasia Holdings reportedly failed to pay its obligations worth US$ 205.7 million or equivalent to Rp 2.9 trillion. This was also revealed when property management company Country Garden Services Holdings announced that the company was in default.
This has also sparked investor concerns about Fantasia’s finances. Ratings firm Fitch Ratings downgraded Fantasia to “CCC-” on the same day.
“This incident also casts doubt on the transparency of the company’s financial disclosures,” Fitch was quoted as saying AFP, Tuesday (5/10/2021).
Meanwhile, another Chinese property company, Sinic Holdings, is also reportedly experiencing major problems in paying off its obligations. S&P Global Ratings even said that Sinic’s ability to pay its debts was almost exhausted.
“Sinic was unable to service interest payments, which could result in “expediting repayment of Sinic’s other debt obligations”, the ratings agency said.
The fall of this Chinese property was preceded by a default incident experienced by the Evergrande group. The property giant is known to be still struggling to raise money to pay its debt of US$ 305 billion or equivalent to Rp. 4,000 trillion.
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