Guangzhou R&F is another real estate developer on the radar of investors. Other developers have also been scrambling for cash, signaling further distress in the sector. It missed interest payments on two U.S.-dollar offshore bonds so far, and has been scrambling to raise cash to pay suppliers and investors. Ranked No.1 by sales last year, Country Garden is one of the few major private developers yet to default since a liquidity crisis engulfed China’s property sector more than two years ago. "B" rating means material default risk is present, but a limited margin of safety remains.Ĭhina's property sector has come under the spotlight since the debt problems of Evergrande surfaced.Įvergrande - the second-largest developer in China by sales - has warned twice it could default, setting off investor worries.
"Furthermore, this incident casts doubt on the transparency of the company's financial disclosures," it added.įitch Ratings on Monday said it downgraded Fantasia to "CCC-" from "B," saying the firm's cash flow situation "could be tighter than we previously expected." According to its website, "CCC" means "substantial credit risk," with a "real possibility" of default. The late payment also raises doubts about the company's ability to repay its maturities on a timely basis," Fitch wrote. "We believe the existence of these bonds means that the company's liquidity situation could be tighter than we previously expected. With a 25-year history, the firm has completed more than 900 commercial, residential, and infrastructure projects throughout China since 1997. As of early-2023, they announced a restructuring and have yet to actually default. Personal Loans for 670 Credit Score or Lower Evergrande, even after a recent scare, remains one of the largest property developers in China. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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