Failure to make payments, followed by a string of credit rating downgrades of indebted developers, has roiled China's high-yield debt

The property crisis has started to ripple through to other critical parts of the world's second-largest economy

The massively indebted developer China Evergrande and its offshore financing arm Tianji were declared on Friday to be in "selective default" by S&P Global Ratings

In November the value of land sales nationwide sank 9.9% from a year earlier, although that was less than the 13% annual decline in October, based on finance ministry data

Chinese developer saw sharp falls in its shares and debt earlier this month, triggered by worries over an asset sale and cancelled apartment deals

Over 360 domestic claimants have sued Evergrande for $13bn they are allegedly owed, in a bid to secure payment ahead of offshore bondholders

A Shanghai Shimao Co bond that matures in January 2022 rose 11.7%, making it the top gainer on Shanghai Stock Exchange's corporate bond market

Chinese banks could see their ratio of non-performing property loans more than double by the end of the year, S&P Global Ratings said

Officials are steering a risk management committee at the group but there are signs Evergrande's debt crisis is more complicated than expected

Buying onshore debt, which is usually more senior than offshore debt, would give holders stronger influence in restructuring talks and help offshore bondholders better grasp the group's situation

New construction starts measured by floor area fell 9.1% during January-November from a year earlier, compared with a 7.7% decline in the first 10 months of the year

Tighter policies for developers and a liquidity crunch in the property sector hurt demand, official data showed