Chinese developer Fantasia signs 36-month cooperation pact with Hangzhou property services provider to revive fortunes
- Wholly owned subsidiary Fantasia Group (China) will cooperate with Blue Green Shuangcheng under a ‘co-construction’ model
- Blue Green will work with Fantasia on reorganising property projects, communicating with onshore creditors and implementing other strategies
Fantasia Group (China), a wholly owned subsidiary, will cooperate with Blue Green Shuangcheng under a “co-construction” model, according to a filing to the Hong Kong stock exchange on Friday.
Under the agreement, Blue Green will help Fantasia to formulate plans to reorganise its property projects on the mainland, facilitate communication with onshore creditors and implement strategies to accelerate the sale of properties and other assets.
The companies could also extend the agreement for services related to property projects, the statement said. The cooperation is for an initial period of 36 months and could be extended.
Both parties will establish a special working group to discuss and promote cooperation intended under the agreement, the statement said.
