Two Thirds of China’s Top Developers Breach a ‘Red Line’ on Debt

China’s indebted developers are struggling to meet Beijing’s tighter financing rules.

Two-thirds of the top 30 Chinese property firms by sales ranked by the China Real Estate Info Corp. have breached at least one of the metrics known as the “three red lines.” Greenland Holdings Corp., Jiangsu Zhongnan Construction Group, and Guangzhou R&F Properties Co. have not met any of the metrics, Bloomberg-compiled data showed as of Oct. 29.

Developers are facing rising financial stress as stricter rules around borrowing and a deleveraging campaign by authorities weigh on the sector. A liquidity crisis at China Evergrande Group has ...