BEIJING, Dec 16 — A Chinese property company said today that it cannot get in touch with a money management firm that it gave over US$300 million for investment, the latest example of the country’s debt-crippled real estate sector’s woes.
There was “no way to judge” how the missing cash would affect Fortune Land’s current and future earnings, the filing said. Real estate behemoth Evergrande — drowning in US$300 billion in debt — has been the highest-profile firm to become ensnared in the crisis, defaulting last week on more than US$1.2 billion of bond debt.
The developer said in the filing that one of its offshore units signed a deal in 2018 to let a firm called Wingskengo provide it with wealth management services.
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