China Properties Group Ltd said on Friday it had defaulted on notes worth $226 million as it failed to secure funds by the maturity date, joining a list of property developers in the country that are reeling from a debt crisis, Reuters reported. The case underscores the impact of China Evergrande Group , which is struggling under $305 billion in debt, on the rest of the high-yield sector as liquidity dries up and sales slow. Earlier this week, Chinese developer Sinic Holdings said it would likely default on bonds worth $250 million. China Properties said it had failed to secure funds by Oct.

China’s central bank broke its silence on the debt crisis at China Evergrande Group, saying risks to the financial system stemming from the developer’s struggles are “controllable” and unlikely to spread, Bloomberg News reported. Authorities and local governments are resolving the situation based on “market-oriented and rule-of-law principles,” People’s Bank of China official Zou Lan said at a news briefing on Friday. The central bank has asked lenders to keep credit to the real estate sector “stable and orderly,” said Zou, who is head of the financial market department.

China faces tough trade-offs in dealing with the fallout from the financial troubles at property developer China Evergrande Group, the International Monetary Fund said, Bloomberg News reported. On the one hand, the country risks being seen as backing off from its economic deleveraging drive if it provides too much support to Evergrande and other affected companies, the Washington, D.C.-based lender said Tuesday in its semi-annual Financial Stability Report. On the other hand, it could spur more stress if it puts off arranging backing for the financial system.

Shenzhen-based Baoneng Investment Group missed repayments on yet another debt to finance its unrealized automaking dream, underscoring the deepening capital crunch of the once-highflying private conglomerate, Nikkei Asia reported. Baoneng Motors Group, the auto unit of Baoneng, failed to pay interest on a 2.8 billion yuan ($434 million) trust loan to finance a new-energy vehicle (NEV) industrial park project in Guangzhou, state-backed China Railway Trust disclosed. Baoneng and its controlling shareholder, Yao Zhenhua, offered guarantees for the product.

Debt-saddled Chinese property firms took heavy fire in bond markets on Tuesday, after the poster child of the sector's woes, Evergrande Group, missed its third round of bond payments in as many weeks and others warned of defaults, Reuters reported. A wave of developers face payment deadlines before the end of the year and with Evergrande's fate looking increasingly bleak, fears are mounting of a wider crisis.

China is trying to cool its costly and dangerously debt-ridden housing market, where high prices and go-go levels of borrowing and spending are increasingly seen as a national threat. But as the troubles of a major property developer and its $300 billion mountain of debt drive a government effort to contain the peril, Beijing risks hurting a major driver of its crucial economic growth engine: home buyers like He Qiang, the New York Times reported.

Chinese President Xi Jinping announced the launch of a 1.5 billion yuan ($232.47 million) fund on Tuesday to support biodiversity protection in developing countries. Xi was virtually addressing the COP15 biodiversity summit in Kunming, China, where diplomats, scientists, and conservationists are meeting with the aim of forging a global agreement to halt and reverse the destruction of nature. "Developing countries need help and support and solidarity must be strengthened to allow developing countries to benefit in a fairer way," Xi said.

Chinese President Xi Jinping is zeroing in on the ties that China’s state banks and other financial stalwarts have developed with big private-sector players, expanding his push to curb capitalist forces in the economy, the Wall Street Journal reported. Xi, who started his campaign late last year with a regulatory assault on private technology giants, is launching a sweeping round of inspections of financial institutions.

Chinese developer Sinic Holdings said on Monday it would likely default on bonds worth $250 million, as it does not have enough financial resources to the make payments by their maturity date, Reuters reported. The case highlights the impact of China Evergrande Group , which is struggling under $305 billion in debt, on the rest of the high-yield sector as liquidity dries up and sales slow.

China Evergrande Group offshore bondholders are concerned that it is close to defaulting on debt payments and want more information and transparency from the cash-strapped property developer, their advisers said, Reuters reported. Evergrande, which could trigger one of China's largest defaults as it wrestles with debts of more than $300 billion and whose troubles have already sent shockwaves across global markets, missed payments on dollar bonds, worth a combined $131 million, that were due on Sept. 23 and Sept. 29.