Fantasia Holdings Group Co., Limited (Fantasia) reported a loss attributable to shareholders of RMB 4.25 billion for the six months ended 30 June 2026, widening from a RMB 3.17 billion loss a year earlier. Revenue fell 51.5% year-on-year to RMB 913.29 million, driven by a 60.1% drop in property-development income to RMB 151.34 million and a 51.8% decline in property-operation revenue to RMB 667.77 million.

Gross profit contracted 56.9% to RMB 141.79 million, with margin sliding to 15.5% from 17.5%. Finance costs edged up 6.0% to RMB 2.35 billion amid reduced capitalised interest, while impairment charges and write-downs on properties for sale totalled RMB 1.06 billion.

Liquidity remained strained: cash and cash equivalents fell 95.0% since December to RMB 59.93 million; total bank balances and cash, including restricted deposits, dropped to RMB 289.65 million. Net current liabilities stood at RMB 32.39 billion, and net liabilities reached RMB 27.79 billion. Outstanding senior notes and onshore bonds amounted to RMB 50.10 billion, with RMB 44.07 billion due within 12 months.

Contracted sales were RMB 625.00 million on 107,614 sq.m., led by the Bohai Rim (53.9% of value) and Chengdu-Chongqing (21.1%) regions. The land bank totalled 6.85 million sq.m. as of period-end.

Fantasia continued aggressive cost controls, trimming headquarters and regional headcount, which helped push selling and administrative expenses sharply lower year-on-year.

Key corporate actions included: • Disposal of subsidiary Colour Life Services, resulting in a net cash outflow of RMB 821.07 million and removal of RMB 879.05 million of goodwill. • Official effectiveness of the offshore debt-restructuring plan on 30 July 2026, involving new short-term and long-term notes, consideration shares and mandatory convertible bonds (50% principal mandatorily convertible). • Onshore public bonds (principal RMB 6.42 billion) had maturities uniformly extended to 31 December 2026.

Auditor CLA Prism Hong Kong issued a disclaimer of conclusion, citing multiple uncertainties that cast “significant doubt” on the Group’s ability to continue as a going concern. The board affirmed that turnaround efforts for 2026-28 will focus on asset revitalisation, accelerated inventory sell-through and expansion of asset-light service businesses.