News Snapshot:
Deepening problems for Chinese economy The major economic and financial problems in the Chinese property development sector continue to mount with the announcement by Fantasia Holdings this week that it had failed to make a payment on a bond. Just a few weeks ago, Fantasia issued an assurance that it had “no liquidity issue” but on Monday announced “that it did not make the payment” on a $206 million bond. Last month Evergrande, the most indebted property development company, missed a payment on a dollar-denominated bond, triggering a 30-day grace period before a default is declared. The question being asked...
