Realty firm Fantasia Holdings loses two directors, days after default

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

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