Major Chinese Developer Says It Can't Pay Dollar Debts

``Kaisa Group Holdings Ltd. became China's first real estate company to default on its U.S. currency debt, capping a month of distress in bond markets amid an anti-corruption probe and fueling concern that losses will spread... The developer's problems have rippled across the region's debt market, where investors starved of yield elsewhere in the world have swooped in to boost returns. As the government's anti-corruption probes widen, it's raising concern that defaults will spread after overseas noteholders bought a record $21.3 billion of bonds issued by Chinese property companies.''