China’s high-yield dollar bonds are heading for their worst week in more than a year as signs of liquidity strains at state-owned conglomerate Zhuhai Huafa Group Co. sapped sentiment.

Zhuhai Huafa Group Co., one of China’s largest local government-owned conglomerates, is facing a record selloff in its offshore bonds, as the country’s prolonged property crisis raises credit risks.

Chinese power generation firm Huachen Energy Co. told a group of bondholders that it faces difficulties repaying $956 million in bonds due in December, raising the risk of fresh delinquencies on debt it first defaulted on five years ago.

New World Development Co. is in preliminary discussions with some banks to extend an about HK$88 billion ($11.2 billion) loan by two years, according to people familiar with the matter, a move that could pave the way for a capital injection for the cash-strapped Hong Kong builder.

Brazilian iron ore giant Vale SA is considering to raise as much as 3.5 billion yuan ($522 million) in its debut issuance in China’s bond market, according to people familiar with the matter, joining a growing number of issuers diversifying funding sources and looking for cheaper options.

Huachen Energy Co. is looking to push back the maturity of its outstanding bonds by another six years, according to people familiar with the matter, as an earlier extension deal is set to expire in December.

China plans to allow its $568 billion social security fund to buy offshore bonds through an investment channel with Hong Kong, according to people familiar with the matter, in its latest effort to boost demand for yuan assets in the Asian financial hub.

ByteDance Ltd., the developer of TikTok, has attracted more than $30 billion of orders for its jumbo syndicated loan, people familiar with the matter said, indicating strong interest from lenders as the Chinese technology giant ramps up investments in artificial intelligence.

A unit of China’s state-backed SDIC Commodities Co. was ordered to liquidate by a Hong Kong court, adding to the financial troubles for the metals trader as Beijing increases scrutiny on the sector.

A Chinese municipal borrower said it has enough funds to repay 1.08 billion yuan ($160 million) in offshore notes due next week, after people familiar with the matter said a plan to refinance that debt with a new bond sale had been delayed.

China is steering municipal borrowers away from issuing short-term bonds in the domestic market, according to people familiar with the matter, in its latest bid to curb fundraising by weaker issuers.

Chinese authorities are discouraging firms from raising money offshore at higher yields, in the latest step to clamp down on risks among municipal borrowers shouldering more than $100 billion of overseas bond debt, people familiar with the matter said.

Chinese asset managers are reviewing their bond holdings to identify issuers at risk of rating downgrades after regulators stepped up efforts to curb the over-concentration of AAA ratings, according to people familiar with the matter.

Huachen Energy Co. plans to present a proposal to restructure its bonds, including $627 million in dollar-denominated notes, to investors as early as August, according to people familiar with the matter, as the Chinese power producer makes a fresh bid to ease liquidity pressure.

China urged domestic rating firms to curb the concentration of top-tier AAA ratings in the country’s bond market, taking its most concrete step yet to better assess credit risks after years of record defaults.

GLP Pte. told some bondholders during meetings in recent days that it aims to sell around $2 billion of assets this year, according to people familiar with the matter, as the logistics operator prepares for an initial public offering.

Top Chinese insurers have made their first purchases of yuan-denominated offshore bonds through an expanded southbound investment program, according to people familiar with the matter, capitalizing on changes that encourage more capital into Hong Kong’s market.

China let the interest rate on a one-year policy loan to banks decline to a record low, according to people familiar with the matter, a sign Beijing is stepping up efforts to support an economy that’s losing momentum.

RRJ Capital and Pacific Investment Management Co. are among investors in a $500 million bond offering from Hong Kong billionaire Richard Li’s Pacific Century Premium Developments Ltd., according to people familiar with the matter.

China is tightening approvals for overseas borrowings, leading some companies to scurry for cash with around $100 billion of bonds coming due this year.