T. Rowe Joins Goldman in Betting on China’s Property Debt (1)

T. Rowe Price Group is joining Goldman Sachs Asset Management in loading up on bonds issued by beleaguered Chinese property firms.

The investment firm has been boosting its stake in Chinese developers since the start of September, according to Steven Boothe, a portfolio manager for global and U.S. investment-grade bonds at the $1.6 trillion asset manager. Goldman Sachs has said it’s making a similar bet by adding a “modest amount of risk” through high-yield bonds issued by China property developers.

T. Rowe is focusing on debt with investment-grade and BB ratings and is looking to invest in companies that ...