China’s Property Debt Woes Deepen as Vanke Under Closer Scrutiny

China’s property debt crisis is showing new signs of trouble after entering its fourth year, with one of the country’s major state-backed developers placed under unprecedented scrutiny by investors.

Some of China’s largest insurers are sounding an alarm over the debt risks of China Vanke Co., according to people familiar with the matter, as shares and bonds of the major developer hit record lows on repayment concerns.

At least two Beijing-based insurers that farm out annuity investments told their external portfolio managers late last week to closely monitor Vanke’s credit risks, said the people, asking not to be identified ...