Next China: How Much Trouble Will Property Cause?

A banner promoting the Emerald Bay residential project outside the China Evergrande Centre in the Wan Chai area of Hong Kong.Photographer: Lam Yik/Bloomberg

There are more worrying issues facing the global economy today than China’s property market. But not many.

One of the starkest signs of that concern is in the bond market. Of the $139 billion of U.S. dollar-denominated bonds trading at distressed prices, almost half were issued by Chinese real estate firms.