Fantasia Holdings Group announced it missed the payment in a statement issued through the Hong Kong Stock Exchange. It gave no explanation but said it had asked for trading of Fantasia shares to be suspended.
Investors are worried Evergrande Group might collapse with 2 trillion yuan of debt. The company has missed at least one payment to bondholders abroad but has yet to be declared in default. Fantasia, valued by the stock market at $415 million, reported a 153 million yuan profit for the first half of 2021 and said revenue rose 18.5% over a year earlier to 10.9 billion yuan .
The failure to pay is likely to trigger cross defaults on other Fantasia bonds, accelerating repayment on other debt, S&P said.
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