Fantasia the latest Chinese developer to stumble

The group's outstanding debt and share price drop as the Shenzhen government freezes the sales of four apartments.

Fantasia, the Chinese property company, has had the sale of four apartments blocked by authorities, the latest developer in Shenzhen to come under scrutiny after Kaisa defaulted last week.

The move by the Urban Planning Land and Resources Commission of Shenzhen Municipality sent bond prices to a record low along with its share performance.

Fantasia’s outstanding debt instruments maturing in 2020 and 2019 were trading at a cash price of 73.537 and 77.661 by Thursday noon, their record lowest levels as a result, according to Bloomberg data. This is down from their year-end levels of 84.41 and 85.64 respectively.

Meanwhile, the property company’s shares...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222