China Fortune Land Defaults on Debt
For those who love Chinese food, China Fortune in Thomaston, ME is the perfect place to dine in or order takeout. It has been recognized for its outstanding Chinese cuisine and attentive service. The restaurant offers modern interpretations of traditional Chinese dishes, and it insists on using the freshest and highest quality ingredients.
China’s real estate market has long been a major source of risk for the country, and the recent default by China Fortune Land underscores the risks involved. The company was hit hard by the Chinese government’s recent “three red lines” policy, which seeks to curb overexpansion of the property market. With the country’s property market accounting for around 30% of GDP, China’s property market is considered one of the largest financial risks in the world. China’s top banking regulator has recently expressed fresh concerns about the health of the property market, saying bubbles have still been relatively large.
The company’s real estate development division is linked to the Shanghai state-owned Assets Supervision Commission, which represents the municipal government. The company plans to raise a total of 1.27 billion yuan from a private placement. It plans to use the proceeds to expand its asset management and stock market businesses.
As of Feb. 29, the company still does not have the cash to repay its $530 million in bonds. This is the first Chinese real estate developer to default since the government tightened its control of debt last year. However, the company has been in talks with onshore bondholders to come up with a debt repayment plan. According to Bloomberg, some investors who hold a 7% onshore bond due in March have been briefed on the plan. Under the plan, the principal amount will be extended by a year and the interest due will be postponed for six months.
Unlike their American counterparts, the Japanese version of fortune cookies is larger and contains butter, sesame and miso. It is often pinched in the fold and is often referred to as a “pac-man” fortune cookie. In fact, there are many varieties of fortune cookies in Japan. And while they are more expensive than their American counterparts, they are still a popular snack.
While the original fortune cookies were Japanese in origin, the American version became the staple of Chinese restaurants. Nakamachi visited the United States twice and focused on Los Angeles and San Francisco, interviewing descendants of Chinese and Japanese immigrant families. The results were fascinating and revealed a rich history of fortune cookies. For those who prefer a more traditional treat, there are some places in China where the fortune cookies are not a popular item.