Ailing developer Kaisa Group has said it needs help to pay investors, workers and suppliers.
That's according to a Reuters source.
China's real estate sector has been hit by a liquidity squeeze as investors worry over the viability of some firms.
The worries were first sparked by Evergrande, the world's most indebted developer.
It's already missed some debt payments.
Now Kingston Securities Executive Director Dickie Wong says more will follow it and Kaisa into trouble:
"I would expect more, smaller Chinese property developers, they may follow their footstep, they may not be able to pay the repayment of financial products, as well as U.S. dollars denominated debt as well. So I will expect more and more Chinese property developers fall out."
Ratings agency Fitch on Tuesday downgraded Kaisa, citing its worsening liquidity.
The firm is only China's 25th largest developer by sales, but it has the most offshore debt of any such firm bar Evergrande.
And there is concern that problems could ripple right through the country's $5 trillion property sector.
On Monday (November 8) the U.S. Federal Reserve said that stresses in China's real estate market could pose risks to the U.S. financial system.
The next big test comes on Wednesday (November 10), by when Evergrande has to make some overdue debt payments.
