Realty firm Fantasia Holdings loses two directors, days after default

Fantasia Holdings Group’s woes mounted after two directors quit the troubled Chinese developer, leaving it in breach of Hong Kong listing rules. 

Days after defaulting on a dollar bond, Fantasia said Ho Man resigned, expressing concern “that he had not been kept fully informed of certain crucial matters of the company in a timely manner”. Another independent non-executive director, Wong Pui Sze, also left, saying she had no disagreement with the board.

The departures leave 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. Fantasia will seek to fill the vacancies “as soon as practicable.” 

Finding new directors will be a challenge for Fantasia, at a time Chinese developers are struggling to raise cash amid signs of contagion stemming from the crisis at debt-laden China Evergrande Group.