China

Debt-stricken Fantasia becomes first Chinese developer to face a wind-up petition, possible liquidation



Fantasia Holdings Group said a major subsidiary was facing a wind-up petition filed by its creditors, which could force the debt-ridden Chinese developer into insolvency.The Shenzhen-based developer said in a stock exchange filing on Thursday evening that the petition was related to a US$149 million loan of which Fantasia Investment Holdings was a guarantor.It is the first time that a wind-up petition related to offshore debts has been filed against a mainland developer or its subsidiaries.“The…



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