China’s developer bond slump deepens

Distressed debt: A pedestrian in front of the Kaisa Plaza developed by Kaisa Group in Beijing. The company’s dollar notes fell as much five US cents (21 sen) on the dollar and its shares tumbled to a record low. — Bloomberg

BEIJING: China’s local bonds joined a dramatic selloff in property debt that has roiled the offshore market this week.

Trading was halted in two yuan bonds after they plunged more than 20%.