China Developer Fantasia Reaches Deal With Major Creditors (1)

Chinese developer Fantasia Holdings Group Co. said it’s reached an agreement with major creditors of its dollar debt regarding the “basic commercial terms” of a debt plan, a year after a missed payment fueled worries about more defaults in the sector.

The deal would relieve Fantasia’s debt pressure, the company said in a statement Wednesday on its official WeChat account, with a detailed plan subsequently implemented. But the builder didn’t say what type of debt or plan is involved, who are the creditors and when a detailed proposal will be released.

Fantasia’s investors relations department didn’t immediately respond to an ...