Five Things You Need to Know to Start Your Day

China’s state-owned property developers warn of widespread losses. Goldman goes on a back-office hiring spree. Bitcoin falls below $26,000. Here’s what you need to know today.

China’s state-owned property developers are warning of widespread losses, fueling concerns that the housing crisis is expanding from the private sector to companies with government backing. The warnings signal state builders are no longer immune from the two-year housing slump that has weakened the economy and triggered dozens of defaults by private peers. On Thursday China Evergrande sought Chapter 15 bankruptcy protection in a move that protects its US assets from creditors while it works on a restructuring deal elsewhere. And Evergrande’s China unit revealed it was being probed by regulators.