Chinese developer Fantasia seeks legal advice on creditor claim, shares at 5-week low

Fantasia Holdings

13/12/2021 03:28

** Shares of Chinese developer Fantasia Holdings  1777.HK 
fall 7.9% to HK$0.29, their lowest since Nov 10
    ** Stock is the third-biggest percentage decliner in the
Hang Seng Composite Index  .HSCIPC , which tracks properties and
construction shares 
    ** The Guangdong, China-based Fantasia denied a claim by a
creditor that a $96.98 mln loan on which it missed a payment was
secured by 780.1 mln shares in its property management unit
Colour Life Services Group  1778.HK   urn:newsml:reuters.com:*:nL4N2SW03D
    ** Co, with market value of HK$1.73 bln ($221.85 mln), says
it is seeking legal advice on the "authorised attempt" to
enforce the purported security to protect its legal rights and
interests
    ** Says it has sold its interests in a development in
eastern China for 200 mln yuan ($31 mln) in an effort to ease
liquidity strains and says its onshore unit reached agreement
last month with holders of a 7.8% yuan bond due next year to
extend the maturity to 2024
    ** Stock of Colour Life eases 0.9%
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 2.4%
while the  .HSCIPC  sub-index slips 0.4%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  climb 0.9% each
    ** Stock down 76.7% this year, as of last close 
   
    ($1 = 7.7982 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))