Property association to assess developers' woes

Finance | Agencies and Victor Zhong 13 Oct 2021

Agencies and Victor Zhong

A leading property association in China will hold a meeting with its members on Friday to assess the difficulties developers are facing across the country and any related risks, Reuters reported, citing Yicai, a Chinese financial news outlet.

The meeting is for the China Real Estate Association to conduct a thorough investigation of the problems of its members, Yicai said, quoting people in the industry.

The investigation will be helpful to the implementation of policies, they said.

Some property shares jumped upon this news, including Country Garden Services (2007) which rose 3.33 percent to HK$7.75.

This came as Fantasia Holdings Group (1777) recently formed a debt and asset restructuring workforce and consolidated with its Shenzhen unit, mainland media reported.

The group has confirmed the structure consolidation.

Fantasia Holdings Group's woes mounted after two independent non-executive director quit the troubled Chinese developer, leaving it in breach of Hong Kong listing rules, Bloomberg reported.

Days after defaulting on a dollar bond, Fantasia said director Ho Man resigned, as he expressed concern over "not [being] kept fully informed of certain crucial matters of the company in a timely manner."

Another director, Wong Pui Sze, also left, saying she had no disagreement with the board.

The departures left Fantasia with only one independent non-executive director. According to listing rules, it must have at least three, of whom at least one must have appropriate qualifications or accounting or related financial management expertise, the company said in a stock exchange filing.

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