China's property debt crisis enters new phase as bond havens crumble

China’s property debt crisis is entering a new phase as even developers that had long been considered safer rapidly tumble into distress.
 

The past 24 hours have brought things to a head for several builders in that group, while fresh data underscored broader challenges as a slump in home sales intensified.

Greenland Holding Group Co., partially owned by local government entities and long seen as among the nation’s most resilient property firms, slid to record lows after saying Monday it would likely default on a dollar note due Nov. 13. The price on that security dropped to 13 cents Tuesday,