Evergrande, 4 Other Chinese Property Firms Sinking In Debt

China's real estate crisis isn't showing any sign of letting up as embattled Evergrande and four other companies are sinking on corporate debt, unable to pay on time and unable to complete their housing projects, Anneken Tappe and Diksha Madhok reported for CNN Business.

Photo Insert: One of the primary foundations of China's economy - its real estate sector - seems to be crumbling given the number of property firms on the brink of default.

With total liabilities of some $300 billion, including $20 billion in international bonds, Evergrande is China's most indebted real estate company. At the end of September, Evergrande raised $1.5 billion in cash by selling part of its stake in a Chinese bank.

It also has a key deadline coming up this week: A 30-day grace period for a $47.5 million interest payment on another offshore bond expires on Friday. Evergrande's stock is down some 80% this year, and its market value has collapsed to just 39 billion Hong Kong dollars ($5 billion).

Luxury apartment developer Fantasia Holdings is teetering on the brink. The Shenzhen-based company failed to pay $315 million owed to lenders earlier this month, comprising a $206 million bond repayment and a 700 million yuan ($109 million) loan from the property management unit of Country Garden, China's second-largest developer.

China Properties Group said this month that its development subsidiary, Cheergain Group, had defaulted on $226 million worth of payments. The parent company says that it "is not able to fund the outstanding amount due until it has completed the sale or refinancing of" certain assets.

Beijing-based developer Modern Land has become the latest real estate company to miss debt payments. In a stock exchange filing Tuesday, Modern Land said it has failed to pay either the principal or interest on a $250 million bond that was due on October 25. Modern Land's stock has fallen nearly 50% this year, cutting its market value to 1.2 billion Hong Kong dollars ($160 million).

Homebuilder Sinic Holdings also joined the ranks of struggling developers, saying this month that it would likely default on some of its bond payments worth $250 million. The principal and interest on those bonds were due October 18.

As of last week, the company had not publicly disclosed the latest status of the payments, Jill Disis, Laura He, and Michelle Toh also reported for CNN Business.

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