When an emblem of China’s unprecedented property crisis lurches further toward the brink, it’s hard for investors across asset classes in the world’s second-biggest economy to look away.
At the end of a week in which China Vanke Co. — one of the last major developers to have so far avoided defaulting — shocked creditors by proposing for the first time to delay paying a local bond, angst is centering on property bonds and shares. The impact also fed into a run-up in yields in the local credit market.
