The Fantasia chapter of the Evergrande saga is a Pandora’s Box

Fantasia’s revenue is not even one-tenth that of China Evergrande Group, which is near the brink of a collapse; its US$12.9bil (RM53.9bil) debt is a fraction of Evergrande’s US$300bil (RM1.3 trillion)-plus obligations. Yet Fantasia’s failure to make a US$206mil (RM860.8mil) dollar-denominated bond payment on Oct 4 sent the markets tumbling.

UNTIL this week, no one cared about Fantasia Holdings Group Co, a smallish developer that ranks only 64th in China’s vast real-estate industry.

Fantasia’s revenue is not even one-tenth that of China Evergrande Group, which is near the brink of a collapse; its US$12.9bil (RM53.9bil) debt is a fraction of Evergrande’s US$300bil (RM1.3 trillion)-plus obligations.