China property firms\\\' shares fall

Shares in various Chinese property firms have fallen after media reports that Chinese developer Zhejiang Xingrun Real Estate cannot repay close to $400m of outstanding loans. The BBC said in a report, Shanghai-listed Poly Real Estate Group saw its shares slump by 3%, while shares in Shenzhen-listed China Vanke fell nearly 2%. Zhenjiang Xingrun is based in Fenghua, a city in eastern China. In March, Chaori Solar became the first Chinese firm to default on its bonds. The default two weeks ago by Chaori, a solar components maker, led to fears that it could be the start of a wave of domestic bond defaults by Chinese firms. Property developers in China have been a particular source of concern, as many have increased their debt loads in recent years to buy land and build.